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C
CRS
Level 1
June 25, 2020
Question

Virtual currency

  • June 25, 2020
  • 2 replies
  • 19 views

I have a client who has purchased and sold "Potcoin" where is it reported on the tax return.  What forms should they have to validate the sale and profit amounts?

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2 replies

sjrcpa
sjrcpa
Level 15
June 25, 2020

Same place you report sales of stock.

If foreign account, FinCen 114 and 8938.

Get the transaction records from the account.

I'm guessing it is foreign, otherwise you would have 1099s.

The more I know the more I don’t know.
    George4Tacks
    George4Tacks
    Level 15
    June 25, 2020

    Don't forget to check the box for cryptocurrency on Schedule 1!!

    Answers are easy. Questions are hard!
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