The IRS has updated the cryptocurrency tax quesiton for your 2023 tax return (aka 2022 tax year). The question is: at any time during 2022, did you (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?
Compared to preivous years, this is much longer and more in depth. Do you need to answer this question? If you bought your crypto and simply held onto it, you can check “no”. For you traders out there who did much more than buy, you will have to answer “yes”.
#crypto #taxplanning #cryptocurrency
Check out our Crypto Tax Guide:
https://bit.ly/3FCoDNa
Check out our NFT Tax Guide:
https://bit.ly/3BDoVBZ
Looking to legally never pay taxes again? We’ve got you covered:
00:00 Cryptocurrency Question on Form 1040
00:54 Do You Have to Answer the Cryptocurrency Tax Question?
01:16 When Can You Answer No?
01:29 Taxable Cryptocurrency Events
01:48 Non Taxable Cryptocurrency Events
02:11 Contact Us for More Questions
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