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2019 IRS Schedule 1, virtual currency question

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“At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?”

The answer to this question is always NO.

This is why:

The IRS already had official guidance on cryptocurrency, first posted back in 2014: the agency classifies cryptocurrency as property, rather than as currency, and thus taxpayers would treat crypto selling as capital gains (or losses) and disclose it on Form 8949.

"Currency transactions" are not reported that way.

You must answer the question NO, because you did not deal in "virtual currency", your dealings, per the IRS were in "virtual property".

The question does not ask about virtual property.

They can't have it both ways. It is either property or currency. The IRS says its property, not currency.

Insofar as the IRS is concerned, there is no such thing as "virtual currency".

submitted by /u/Zescior
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