PARIS, FRANCE - JUNE 25: In this photo illustration, a visual representation of the digital ... [+] Cryptocurrency, Bitcoin is displayed on June 25, 2019 in Paris, France. Schedule 1 is used to report income or adjustments to income that can't be entered directly on the front page of form 1040. I believe the question is intended to be so conspicuous that it makes it difficult for any taxpayer to argue that they didn't know that it was necessary to report cryptocurrency transactions. The Internal Revenue Service (IRS) has made no secret of the fact that it believes that taxpayers are not properly reporting cryptocurrency transactions. If you have questions about how and what to report, don't stay silent: ask your tax professional for more information.

Source: Forbes February 06, 2020 19:41 UTC