Как посмотреть баланс криптовалюты. Taxing Bitcoin: The IRS wants people to disclose virtual currency activity

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If you're planning to cash in some of your Bitcoin and pocketing the gains, be prepared for a potential tax hit. If you've owned or used Bitcoin, you may owe taxes, no matter how you acquired or used it. CNBC's Sharon Epperson reports. For access to live and exclusive video from CNBC subscribe to CNBC PRO: 2NGeIvi

If you’re cashing in some of your Bitcoin this year, the IRS wants to know about it.

On Monday, the cryptocurrency’s value hit new heights, surging beyond $19,800 for a unit of Bitcoin. The asset’s appreciation has skyrocketed this year, rising by 160% in 2020.

Understand that if you want to take a few of those holdings off the table, you’ll need to share that information when you file your individual income tax return next spring.

In fact, the IRS gets right to the point, asking on the first page of the income tax return, or Form 1040, “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”

You’ll have to check yes or no.

“The first thing with cryptocurrency is that, if you have crypto transactions, you’ll need to report them,” said Andy Phillips, director of the Tax Institute at H&R Block.

“The question is front and center — the first thing that they touch on Form 1040,” he said.

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