The U.S. internal revenue service (IRS) has updated the most common form of tax revenue reporting, including a paragraph about cryptocurrency.
On Friday, the Agency issued a new draft form 1040. In the application to indicate the additional income and other amendments.
New Irs Form 1040 by ForkLog on Scribd
This project, the IRS sent out specializing in tax services and software development companies and media representatives.
One of the new issues updated form 1040 is:
«For 2019 you have received, sold, sent, exchanged or otherwise received a financial contribution to any virtual currency?»
Below this question the taxpayer requested to fill in the appropriate information on the additional income.
«Taxpayers who submit Appendix 1 to report income and to make amendments that cannot be directly shown in the form 1040 must put a tick in the appropriate box to answer the questions about the virtual currency. Taxpayers do not have to submit Annex 1, if the answer is no», — said the representative office.
We will remind, recently the USA tax for the first five years has published guidance on tax calculation for owners of cryptocurrencies. It deals with the tax obligations created by the fork, the determination of the value of the cryptocurrency received as income and calculation of taxable profits in the sale of digital assets.
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