February 12, 2024

Cryptocurrency Income Is Taxable Income

In a January news release, the IRS reminded taxpayers that they once again must answer a digital asset question and report all digital asset-related income when they file their 2023 income tax return.

The IRS noted that it has included a crypto question on the following four additional tax forms ahead of the filing season:

  • Form 1041U.S. Income Tax Return for Estates and Trusts
  • Form 1065U.S. Return of Partnership Income
  • Form 1120U.S. Corporation Income Tax Return
  • Form 1120-SU.S. Income Tax Return for an S Corporation

Read the entire IRS news release here.