The IRS Sets a Trap for Cryptocurrency Tax Cheats

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Cryptocurrency holders, beware: A surprising change to your 2020 tax form is about to strip away excuses for ignoring the tax rules on bitcoin, ether or other digital currencies

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.by putting this question on the front page:

At any time during 2020, did you sell, receive, send, exchange or otherwise acquire any financial interest in any virtual currency?The crypto question first appeared on the 2019 tax form, but on a part of the return that not all filers had to answer. Now it’s moving to the 1040’s most prominent spot, just below the taxpayer’s name and address.

The IRS’s move is a strong warning to millions of crypto holders who aren’t complying with the law that they must file required forms they may see as burdensome and pay taxes they may think are unfair. It has impressed tax specialists. “This placement is unprecedented and will make it easier for the IRS to win cases against taxpayers who check ‘No’ when they should check ‘Yes,’” says Ed Zollars, a CPA with Kaplan Financial Education who updates tax professionals on legal developments.

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Taxing cryptocurrency is stupid ... Should they crash, the value would become 0 while the taxes are maintained at high value.

IRS efforts are futile

In Poland is 19% after 2021 23% And on TV only covin -19 blah blah blah... Ready 😷🤫🤑🚀☻

2019 called. It wants its credit back... this is a trash headline behind a paywall tricking people into a subscription when this was already a known factor from last tax season. Failed journalism on all fronts. Link for proof:

CryptOrca good thing i lost all of my bitcoin. i’m never touching that crap again.

What does this even mean

Crap

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