A second early release draft of the 2019 Form 1040, Schedule1, Additional Income and Adjustments to Income, inquires about Virtual Currency.
On the top of the page below the Name Section, the following question appears:
“𝑨𝒕 𝒂𝒏𝒚 𝒕𝒊𝒎𝒆 𝒅𝒖𝒓𝒊𝒏𝒈 2019, 𝒅𝒊𝒅 𝒚𝒐𝒖 𝒓𝒆𝒄𝒆𝒊𝒗𝒆, 𝒔𝒆𝒍𝒍, 𝒔𝒆𝒏𝒅, 𝒆𝒙𝒄𝒉𝒂𝒏𝒈𝒆 𝒐𝒓 𝒐𝒕𝒉𝒆𝒓𝒘𝒊𝒔𝒆 𝒂𝒄𝒒𝒖𝒊𝒓𝒆 𝒂𝒏𝒚 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝒊𝒏𝒕𝒆𝒓𝒆𝒔𝒕 𝒊𝒏 𝒂𝒏𝒚 𝒗𝒊𝒓𝒕𝒖𝒂𝒍 𝒄𝒖𝒓𝒓𝒆𝒏𝒄𝒚?”
Taxpayers who file Schedule 1 to report income or adjustments to income that can’t be entered directly on Form 1040 should check the appropriate box to answer the virtual currency question.
Taxpayers do not need to file Schedule 1 if their answer to this question is NO and they do not have to file Schedule 1 for any other purpose.
For a copy of 2019 Form 1040, Schedule 1, see https://www.irs.gov/pub/irs-dft/f1040s1–dft.pdf
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𝐓𝐡𝐨𝐦𝐚𝐬 𝐉𝐚𝐦𝐞𝐬 𝐂𝐚𝐫𝐫𝐨𝐥𝐥, 𝐏.𝐂. 𝐢𝐬 𝐚 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦 𝐟𝐨𝐜𝐮𝐬𝐢𝐧𝐠 𝐨𝐧 𝐟𝐞𝐝𝐞𝐫𝐚𝐥 𝐚𝐧𝐝 𝐬𝐭𝐚𝐭𝐞 𝐭𝐚𝐱𝐞𝐬 𝐭𝐡𝐚𝐭 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐬 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬𝐞𝐬 𝐰𝐢𝐭𝐡 𝐭𝐚𝐱 𝐡𝐞𝐥𝐩 𝐚𝐧𝐝 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐭𝐨𝐝𝐚𝐲 𝐚𝐧𝐝 𝐭𝐨𝐦𝐨𝐫𝐫𝐨𝐰.
𝐎𝐯𝐞𝐫 𝟑𝟎 𝐘𝐞𝐚𝐫𝐬 𝐨𝐟 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐢𝐧 𝐈𝐑𝐒, 𝐍𝐘 & 𝐍𝐉 𝐓𝐚𝐱 𝐀𝐮𝐝𝐢𝐭𝐬, 𝐀𝐩𝐩𝐞𝐚𝐥𝐬 & 𝐓𝐚𝐱 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠.