Are You Properly Accounting for Your “Digital Asset-Related” Income?

Are you properly accounting for your “digital asset-related” income? The IRS is reminding taxpayers that they must answer a digital asset question and report all digital asset-related income when they file their 2023 income tax returns. Common digital assets include convertible virtual currency and cryptocurrency, stable coins and non-fungible tokens. The question, which appears at the top of Forms 1040, 1040-SR and 1040-NR, includes updated terminology. All taxpayers must answer the “yes” or “no” question regardless of whether they engaged in transactions involving digital assets. Contact us with questions regarding digital asset-related income or visit: https://bit.ly/48ZMfrS