IRS reminds taxpayers of crypto income reporting ahead of 2022 filing By Cointelegraph

4 Key Reasons US Treasury Market Selloff Is Likely to Continue in the Months Ahead

IRS reminds taxpayers of crypto income reporting ahead of 2022 filing

Published Jan 28, 2023 05:50AM ET Updated Jan 29, 2023 07:40AM ET

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IRS reminds taxpayers of crypto income reporting ahead of 2022 filing

With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of United States federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies.

Until 2021, the IRS used the term “virtual currencies” in income tax-related reporting forms, which have been updated to “digital assets.” All U.S. citizens must answer questions about cryptocurrencies “regardless of whether they engaged in any transactions involving digital assets.”

IRS checklist of declarations related to cryptocurrency. Source: irs.gov

Revised 2022 instructions for Form 1040 (and 1040-SR). Source: irs.gov

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