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question about virtual currency

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Level 2

What happens if you didn't answer the question about virtual currency and e-filed it?

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Level 15

We don't know yet. The IRS commissioner says they have ways of finding out about it. In your case was the correct answer Yes or No?


ex-AllStar
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Level 15
Level 15

If the answer is NO, then there's no difference, Sch 1 wouldn't be included anyhow.

But if the answer was suppose to be YES, that could be an issue.....but if its yes, then you would probably have some kind of reporting to do on SchD I would think, so an amended return would be needed.

Although I had one guy that said he owned $1 in bitcoin, so I marked the box Yes, but didn't enter any transactions, he had no clue what it did or how it worked, just his buddy gave him $1 in bitcoin.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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