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IRS Adds Virtual Currency Question to Draft Income-Reporting Form

Oct. 11, 2019, 4:10 PM

The IRS is specifically asking taxpayers about their virtual currency transactions in the latest draft of a form for reporting certain types of income.

“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” the IRS asks on the latest draft of the 2019 Form 1040 Schedule 1 released Oct. 11. Taxpayers don’t need to file Schedule 1 if their answer to the question is “no” and they have no other purpose for filing the form, according to draft instructions.

  • Schedule 1 is...
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