The IRS wants to know about your crypto and is taking steps to find force disclosure. In a move similar to questions on offshore bank accounts, the U.S. tax authority is planning to directly ask those filing U.S. federal taxes about crypto usage.
On Oct. 11, a draft of the “Additional Income and Adjustments to Income” section of the new 1040 form surfaced that included a change was made to the ‘Additional Income and Adjustments to Income’ section. On the new 1040 form, the additional question reads:
“At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
The question expects a straightforward yes or no, with no additional details requested, reported Coin Telegraph.