The “Digital Asset” question on IRS Form 1040: should you answer “YES” or “NO”?

For tax year 2022, the IRS has revised their question at the top of the 1040 form. Previously the question referred to “virtual currencies” (their term for cryptocurrency coins and tokens). This is now changed to “digital assets”, which also includes NFT’s (non-fungible tokens) and stablecoins.

If you answer YES, you will need to show on your 1040 income tax return the profits or losses obtained from receiving or selling digital assets and make yourself a target for future audits. If you answer NO when you actually have received or sold digital assets, you could be subject to penalties and interest, or even criminal charges.
In this week’s Freedom Hour presentation, Peymon Mottahedeh, the founder of Freedom Law School, will provide an innovative solution to handle this perplexing dilemma with no risk of audits, penalties, interest or going to prison!

Peymon and Freedom Law School have helped many Americans to live free of IRS deception, robbery, and slavery. Take the Seven Steps to income tax freedom on our website, www.FreedomLawSchool.org.