With the deadline approaching for filing the 2022 federal income tax return, the Internal Revenue Service (IRS) — an enforcement agency of United States federal tax laws — released a list of reporting requirements for the general public dealing with cryptocurrencies.
Until 2021, the IRS used the term “virtual currencies” in income tax-related reporting forms, which have been updated to “digital assets.” All U.S. citizens must answer questions about cryptocurrencies “regardless of whether they engaged in any transactions involving digital assets.”
IRS checklist of declarations related to cryptocurrency. Source: irs.govRevised 2022 instructions for Form 1040 (and 1040-SR). Source: irs.gov
