Tax day this year, like everything else, is different. The United States Internal Revenue Service has rescheduled it to July 15, but there’s little time left to get your records together and to file. Everyone knows the IRS is pushing hard to scrutinize crypto. A new IRS question appears at the top of Schedule 1 of your 2019 Form 1040 asking if you received, sold, sent, exchanged or otherwise acquired any financial interest in any virtual currency at any time during the year.
As the IRS classifies crypto as property, any sale should produce a gain or a loss. Perhaps the IRS is just surveying who is using crypto, you might guess, but a simple “yes” or “no” can turn out to be pretty important. The question could set you up for facing big penalties or even committing perjury. Instead of rushing to file your taxes, should you take an extension to Oct. 15?
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