Cryptocurrency

New Crypto Currency Law Can Send You to Prison

New Crypto Currency Law Can Send You to Prison – The IRS gets tuff on Virtual Currency investors. They’ve added a question to the basic Tax Form 1040. If you lie and file your return, you could be looking at serious trouble. The video shares how and why crypto currency investors may be in trouble for not reporting their gains on Schedule D when filing their annual tax return.
And here’s why: Between the years of 2013 and 2015 only 800 to 900 taxpayers reported Virtual Currency Income, when in fact there were hundreds of thousands of transactions.

You can view the IRS’s Virtual Currency Q & A Page here:

The video shares how the IRS is going about finding Virtual Currency cheaters, including Bitcoin and all other types of virtual currency. Ingram, a registered tax professional of 20 plus years explains how the crypto currency is taxed and reported on Schedule D using long-term or short term capital gains taxes.

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