Crypto & Virtual Currency IRS Want You On The Record

10/16/2019 — The IRS is not kidding around when it comes to crypto and other virtual currency and tokens! It can easily be seen just how hard the IRS is working to get a handle on these transaction by taking a look at the draft copy of the new 2019 Schedule 1. The first question on the revised form is “𝗔𝘁 𝗮𝗻𝘆 𝘁𝗶𝗺𝗲 𝗱𝘂𝗿𝗻𝗶𝗻𝗴 𝟮𝟬𝟭𝟵, 𝗱𝗶𝗱 𝘆𝗼𝘂 𝗿𝗲𝗰𝗲𝗶𝘃𝗲, 𝘀𝗲𝗹𝗹, 𝘀𝗲𝗻𝗱, 𝗲𝘅𝗰𝗵𝗮𝗻𝗴𝗲, 𝗼𝗿 𝗼𝘁𝗵𝗲𝗿𝘄𝗶𝘀𝗲 𝗮𝗰𝗾𝘂𝗶𝗿𝗲 𝗮𝗻𝘆 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗶𝗻 𝗮𝗻𝘆 𝘃𝗶𝗿𝘁𝘂𝗮𝗹 𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝘆?” Looks like they want to get taxpayer on the record as whether or not they have any dealings in virtual currency. It’s important to remember that lying on a tax return can be considered a criminal act.

2019 Draft 1040 Schedule 1