Legacy Tax & Resolution Services

Ask the Crypto TaxMan: In the tax software it asks the question “At any time during the year have, did you receive, sell,

Ask the Crypto TaxMan:  In the tax software it asks the question “At any time during the year have, did you receive, sell, exchange or otherwise acquire ANY financial interest in ANY virtual currency”.   I have not sold any cryptocurrency, I have only purchase and/or given to other family member cryptocurrency.  Do I still have anything to report?

While you do not have to file Form 8949, it is CRITICAL that you answer yes to this question.  This would be equivalent to those people who did not report the foreign accounts and were exposed later.  Remember that whole fiasco and don’t be one of those people!  There is a reason the IRS is asking this question

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