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You can answer either Yes or No by checking the appropriate box near the bottom of federal screen 1:ĮF message 2260 generates preventing e-file until a selection is made. In Drake20, the Virtual Currency question has been moved to page 1 of Form 1040. Sale to customers in a trade or business,įor more information, go to IRS.gov/virtualcurrencyfaqs." Of any virtual currency that you held for Virtual currency that was held as a capital asset through a sale, exchange, or

The “Yes” box next to the virtual currency question. Of virtual currency for real currency, including the use of real currency electronic platforms such as PayPal and If your only transactions involving virtual currency during 2021 were purchases One wallet or account you own or control to another that you own or control. Any other disposition of a financial interest in virtual currency.Ī transaction involving virtual currency does not include the holding of.An exchange/trade of virtual currency for another virtual currency.A transaction involving virtual currency includes, but is not limitedĬonsideration) that does not qualify as aĪs a result of mining and staking activities If, in 2021, you engaged in any transaction involving virtual currency, check Label applied, if a particular asset has theĬharacteristics of virtual currency, it willīe treated as virtual currency for Federal Virtual currency that are used as a medium of exchange, such as digital currency Theĭescribe the various types of convertible Of account, a store of value, or a mediumĪct as a substitute for real currency. (“real currency”), that functions as a unit Virtual currency is a digital representation of value, other than a representation The 2021 Instructions provide more detail on reporting: Screen C to report virtual currency received as compensation related to your business.Screen 3, line 1 to report virtual currency received as wages.Screens 8949 and/or D2 for sales of virtual currency.Screen 1 checkbox to indicate whether or not the taxpayer received, sent, exchanged, or otherwise acquired any financial interest in any virtual currency.Screen C to report digital assets received as compensation related to your business.Screen 3, line 1 to report digital assets received as wages.Screens 8949 and/or D2 for sales of digital assets.EF message 2260 generates preventing e-file until a selection is made. This is required to be answered on all 1040 returns and the answer appears below the address section on Form 1040.Screen 1 checkbox to indicate whether or not the taxpayer received (as a reward, award or payment for property or services) or sold, exchanged, gifted or otherwise disposed of a digital asset (or a financial interest in a digital asset).If a particular asset has the characteristics of a digital asset, it will be treated as a digital asset for federal income tax purposes."ĭata entry points remain the same as in prior years: For example, digital assets include non-fungible tokens (NFTs) and virtual currencies, such as cryptocurrencies and stablecoins. "Digital assets are any digital representations of value that are recorded on a cryptographically secured distributed ledger or any similar technology. *The IRS defines digital assets as follows: In Drake22, virtual currencies are now included in what the IRS is generally calling Digital Assets.