IRS Revises Digital Asset Question on Tax Forms

[sirty143]

IRS Revises Digital Asset Question on Tax Forms

The Internal Revenue Service (IRS) has revised the question about digital assets included on income tax forms. Moreover, the tax authority has added the question to four additional tax forms. See more for yourself here.

Your opinion is greatly appreciated.

[ZAINmalik75]

This step indicates the importance of regulating and monitoring digital asset activities for tax purposes, this might not shock US taxpayers, but they specifically call all taxpayers, I am not from the US, and I never filed such a form, so I don't know much but is there a chance that there are some people excluded from the category of taxpayers legally or illegally. Because they are using the word taxpayers, which excludes those who don't pay the tax. Other than this, there is a slight difference among the questions being asked on four different forms.

Like in the question of 2022, all the words are same, only the word gift was not included in 2023 while included in 2022's question. To me, the question of 2023 and 2021 looks almost same but a little difference of virtual currency and digital assets, I doubt it changes much or is it?

[philipma1957]

They had to remove gift as you simply may not know you got the gift.

They have a huge mess coming up with the 10000 value rule  they are required to enforce.

They realize the gift issue is not enforceable.

[Hamza2424]

IRS also wants to take some part in the current crypto hype hehe, They thought why do we remain behind in all this drama going on in the crypto sphere? One thing I accept is that the IRS will implement some strict rules in the upcoming days, not because of the ETFs but mostly due to the MT Gox payment. Because they might pay in Yuan, BTC, or maybe in another currency and this payment to US taxpayers will become tiresome work as great tax will be implemented on these amounts.

Thank God I am not living in the US, people have to fill out these forms every year I suppose, if that's the case then at least there is one good thing about it would be people would at least know where their taxes are being spent on. We don't even know why we are being charged for each and everything but there is no record of our taxes like this form.

[HarryWallker]

Because they might pay in Yuan, BTC, or maybe in another currency and this payment to US taxpayers will become tiresome work as great tax will be implemented on these amounts.