IAG Posted January 9, 2020 Report Share Posted January 9, 2020 https://finance.yahoo.com/news/irs-adds-specific-crypto-question-to-2019-tax-form-192521373.html In part from the article.... In a new report on Monday covering fiscal 2019, the agency listed cryptocurrency and the gig economy as two key “emerging compliance areas that require attention” by the IRS. For crypto, that attention is taking the form of a new question on the 2019 Form 1040 (for additional income). The question is at the very top of the form, and reads: “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?” Check yes or no. They are definitely cracking down. Quote Link to comment Share on other sites More sharing options...
mikeman Posted January 9, 2020 Report Share Posted January 9, 2020 So if you check yes, but dont list any gains or losses, then they got you. Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted January 9, 2020 Report Share Posted January 9, 2020 So if you check yes, but dont list any gains or losses, then they got you. Quote Link to comment Share on other sites More sharing options...
Machiavelli Posted January 9, 2020 Report Share Posted January 9, 2020 Was nice knowing y'all. Hope you like your Orange jumpsuits! Quote Link to comment Share on other sites More sharing options...
WVU Posted January 9, 2020 Report Share Posted January 9, 2020 I am clicking no for sure Quote Link to comment Share on other sites More sharing options...
Shavencoinpurse Posted January 9, 2020 Report Share Posted January 9, 2020 It isn’t illegal to obtain crypto currency. You could buy it just to send immediately with no loss or gain and it isn’t illegal Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted January 9, 2020 Report Share Posted January 9, 2020 I've filed crypto gains the last two years. Haven't gotten an audit letter yet. Quote Link to comment Share on other sites More sharing options...
D-Hustle Posted January 9, 2020 Report Share Posted January 9, 2020 IRS loves to extort money from weak americants Quote Link to comment Share on other sites More sharing options...
sugardaddy Posted January 9, 2020 Report Share Posted January 9, 2020 Good to know. Curious. Will you declare affirmatively, or will you just say no this time, IAG? Merely curious what is advisable. Quote Link to comment Share on other sites More sharing options...
rito Posted January 9, 2020 Report Share Posted January 9, 2020 I've filed crypto gains the last two years. Haven't gotten an audit letter yet.I just did last year (net loss) but wondering if I should amend. Coinbase finally kicked me out last week even though haven't used them in a while. Quote Link to comment Share on other sites More sharing options...
rito Posted January 9, 2020 Report Share Posted January 9, 2020 Good to know. Curious. Will you declare affirmatively, or will you just say no this time, IAG? Merely curious what is advisable.If you had crypto id say yes Quote Link to comment Share on other sites More sharing options...
Machiavelli Posted January 9, 2020 Report Share Posted January 9, 2020 I am clicking no for sureWill miss you the most. Quote Link to comment Share on other sites More sharing options...
kovacsbar Posted January 9, 2020 Report Share Posted January 9, 2020 If you had crypto id say yesholee fukk a smart guy! Quote Link to comment Share on other sites More sharing options...
kovacsbar Posted January 9, 2020 Report Share Posted January 9, 2020 law firm I deal with has hired a whole crypto tax dept in the last year. Previously they had a few guys on those files. Now it's an entire floor. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted January 9, 2020 Report Share Posted January 9, 2020 law firm I deal with has hired a whole crypto tax dept in the last year. Previously they had a few guys on those files. Now it's an entire floor.Uh huh. A whole floor of accountants in a law firm. For crypto. Makes sense. Quote Link to comment Share on other sites More sharing options...
WVU Posted January 9, 2020 Report Share Posted January 9, 2020 Will miss you the most.lol well played Quote Link to comment Share on other sites More sharing options...
IAG Posted January 9, 2020 Author Report Share Posted January 9, 2020 Good to know. Curious. Will you declare affirmatively, or will you just say no this time, IAG? Merely curious what is advisable. I will say yes. I have claimed gains the last couple years, and will answer in affirmative. Hopefully that doesn’t trigger an audit. Not because I didn’t pay, just because it would be a paperwork nightmare. On the upside, I saw a report today that said IRS is understaffed and underfunded. I think it’s been that way for some time. Quote Link to comment Share on other sites More sharing options...
Machiavelli Posted January 9, 2020 Report Share Posted January 9, 2020 Uh huh. A whole floor of accountants in a law firm. For crypto.Makes sense.I often think he just makes stuff up on the fly in order to sound important. Could be wrong, but... Quote Link to comment Share on other sites More sharing options...
IAG Posted January 9, 2020 Author Report Share Posted January 9, 2020 Will miss you the most. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted January 9, 2020 Report Share Posted January 9, 2020 I often think he just makes stuff up on the fly in order to sound important. Could be wrong, but...99% of his posts are pure fiction. Quote Link to comment Share on other sites More sharing options...
kovacsbar Posted January 9, 2020 Report Share Posted January 9, 2020 Uh huh. A whole floor of accountants in a law firm. For crypto. Makes sense.lòoooly accountants. oh fukk this shit funny. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted January 9, 2020 Report Share Posted January 9, 2020 lòoooly accountants. oh fukk this shit funny.Yeah. CPA's aren't qualified to file taxes at all. It's not their entire fucking job or anything. Funny is right. Quote Link to comment Share on other sites More sharing options...
kovacsbar Posted January 9, 2020 Report Share Posted January 9, 2020 and my accounting firm hired a full floor of lawyers Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted January 9, 2020 Report Share Posted January 9, 2020 Need lawyers to handle the job of a CPA. In the mind of a lunatic. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted January 9, 2020 Report Share Posted January 9, 2020 Most tax accountants aren't even CPA's to begin with but a law firm needs an entire floor of crypto tax lawyers. LOL. Just gets better every day. Quote Link to comment Share on other sites More sharing options...
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