{"id":170239,"date":"2023-01-28T11:26:00","date_gmt":"2023-01-28T11:26:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=170239"},"modified":"2023-01-28T11:26:00","modified_gmt":"2023-01-28T11:26:00","slug":"irs-reminds-taxpayers-of-crypto-income-reporting-ahead-of-2022-filing","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/irs-reminds-taxpayers-of-crypto-income-reporting-ahead-of-2022-filing\/","title":{"rendered":"IRS reminds taxpayers of crypto income reporting ahead of 2022 filing"},"content":{"rendered":"<p>With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) \u2014 an enforcement agency of United States federal tax laws \u2014 released a list of reporting requirements for the general public dealing with cryptocurrencies.<\/p>\n<p>Until 2021, the IRS used the term \u201cvirtual currencies\u201d in income tax-related reporting forms, which have been updated to \u201cdigital assets.\u201d All U.S. citizens must answer questions about cryptocurrencies \u201cregardless of whether they engaged in any transactions involving digital assets.\u201d<\/p>\n<p>The\u00a0question\u00a0about digital asset income features in three forms \u2014 1040, Individual Income Tax Return; 1040-SR, U.S. Tax Return for Seniors; and 1040-NR, the U.S. Nonresident Alien Income Tax Return, which asks:<\/p>\n<blockquote><p>\u201cAt 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)?\u201d<\/p><\/blockquote>\n<p>While all tax filers are required to answer the above question with a yes or no, the IRS provided nine instances when one must check \u201cYes,\u201d as shown below:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/d55c3d4b-7efb-4b66-9449-1cc21e7dc602.png\"><\/p>\n<p>The above recommendations boil down to receiving, earning, transferring or selling cryptocurrencies for any monetary benefit, including mining and staking. In addition to checking \u201cyes,\u201d eligible taxpayers are required to report all income related to their digital asset transactions. <\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/c877ab8e-40d3-4762-bee7-9d736146cf32.png\"><\/p>\n<p>The only instances when one can check \u201cNo\u201d in the filing is if they have been purely holding the crypto assets, transferred assets between wallets they own or purchased cryptocurrencies against fiat currencies.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>US authorities to intensify scrutiny of crypto industry in 2023<\/em><\/strong><\/p>\n<p>A bill recently pitched during the first session of the Arizona State Senate in 2023 proposed having Arizona residents decide on amending the state\u2019s constitution in regard to property taxes.<\/p>\n<p>As Cointelegraph reported, the SCR 1007 bill went through two readings as part of the state Senate\u2019s calendar, on Jan. 19 and Jan. 23.<\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/irs-reminds-taxpayers-of-crypto-income-reporting-ahead-of-2022-filing\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the deadline approaching for filing the<\/p>\n","protected":false},"author":3,"featured_media":170238,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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