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Important things to know about crypto taxes


Diane

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You’ll be asked whether you owned or used cryptocurrency


Your 2022 tax return requires you to state whether you’ve transacted in cryptocurrency. In a clear place near the top, Form 1040 asks, “At any time during 2022, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

 

So you’re on the hook to answer definitively whether you’ve transacted in cryptocurrency, putting you in a position to potentially lie to the IRS. If you don’t answer honestly, you could be in further legal jeopardy, and the IRS does not look kindly on liars and tax cheats.

 

However, there is a footnote. In a clarification, the IRS said that taxpayers who only purchased virtual currency with real currency were not obligated to answer “yes” to the question.

 

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