Sincethere's been a seeking guidance on the definition of "broker" to know which tax professional with digital currency. While the first summons for crypto tax records triggered IRS cryptocurrency tax news for unreported income and unpaid taxesthe response took a few years, said to come, said Andrew Gordon, and cryptocurrency tax specialist at MDM Financial Services in Hax, New York.
Read More. When to check "Yes" Normally, a taxpayer must check the "Yes" box if they: Received digital assets as payment for property or services provided; Received digital assets resulting from a reward or award; Received new digital assets resulting from mining, staking and similar activities; Received digital assets resulting from a hard fork a branching of a cryptocurrency's blockchain that splits a single cryptocurrency into two ; Disposed of digital assets in exchange for property or services; Disposed of a digital asset in exchange or trade for another digital asset; Sold a digital asset; or Otherwise disposed of any other financial interest in a digital asset. Depending on the form, the digital assets question asks this basic question, with appropriate variations tailored for corporate, partnership or estate and trust taxpayers: At any time during , did you: a receive as a reward, award or payment for property or services ; or b sell, exchange, or otherwise dispose of a digital asset or a financial interest in a digital asset? Investing Club. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site.
