United States:
New Form 1040 Includes Virtual Currency Transactions
05 March 2020
Cadwalader, Wickersham & Taft LLP
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The IRS has released a new Form 1040 for the 2019 tax year.
Consistent with recent IRS guidance, the form requires (1) virtual
currency to be treated as property (and generally as a capital
asset), (2) realization upon the use of virtual currency to
purchase goods, and (3) realization following an air drop of
virtual currency. Schedule 1 requires taxpayers to report
transactions in virtual currency, whether or not taxable.
For a discussion of other IRS actions relating to virtual
currency transactions, please see our
previous BrassTax articles
here,
here and
here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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