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Posts Tagged long term capital gains


IRS Bitcoin Trap

The IRS tax form for 2020 will ask if you bought, sold, or had any financial interest in any virtual currency. You will need to answer yes or no. This IRS bitcoin trap is another step in the Internal Revenue Service tracking down those who did not report money gained from buying and selling cryptocurrencies. The question will be near the top of Form 1040 and hard to miss. It appears that the IRS is going to be treating hiding cryptocurrency gains like they have hidden offshore bank accounts.

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