Must I pay income tax on my CRYPTO? & how to answer “virtual” question on 1040

Ask yourself:

• Must I file and pay U.S. federal income tax on cryptocurrency gains and profits?
• How about on my gains and profits from stocks, bonds, real estate, and other capital gains?
• What should I do about the 1099 forms the cryptocurrency exchanges send to the IRS?
• Near the top of the IRS Form 1040 is a question asking, “At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency? Yes or No?” Should I answer YES or NO?

If you have capital gains from sources like cryptocurrencies (termed “virtual currencies” by the IRS), or from stocks, bonds, real estate, commodities, and more, you are probably wondering how little income tax you must pay on your capital gains. In this Freedom Hour presentation, Peymon Mottahedeh, the founder of Freedom Law School, will answer these questions and more. He will explain the income tax laws applying to increased values from holding, or profits from transacting, various types of capital gains, both short-term and long-term.