Taxpayers Must Report Digital Asset Incomes When Filing Returns: IRS

Published on January 23, 2024

The Internal Revenue Service (IRS) reminded taxpayers to report all cryptocurrency and digital asset incomes they made last year when filing returns during the upcoming filing season that begins next week. A question regarding digital asset transactions appears on top of relevant tax forms and has been updated this year, the agency said in a Jan. 22 press release. It asks—“At any time during 2023, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?” All taxpayers filing forms 1040, 1040-SR, 1040-NR, 1041, 1065, 1120, 1120 and 1120S must answer the question regardless of whether they conducted digital asset transactions or not. The following instances necessitate checking the “yes” option:...

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