Technology,
Tax
Mar. 25, 2022
Yes or no? Answering the IRS question on your tax return
In the tax world, a simple yes or no question can be a surprisingly big deal — if you answer wrong.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
In the tax world, a simple yes or no question can be a surprisingly big deal -- if you answer wrong.
The IRS has issued a reminder to taxpayers that there is a virtual currency question at the top of tax returns you'll be filing for 2021. The seemingly innocuous question is on Form 1040, Form 1040-SR and Form 1040-NR. It asks: "At any time during 2021, did you receive, sell, exchange or otherwise dispose of any financial interest in any vi...
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