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Expert Analysis

The Challenges Of Calculating Cost Basis For Cryptocurrency

By Saurav Bhandari (March 9, 2020, 3:48 PM EDT) -- The Internal Revenue Service sent warning letters to around 10,000 U.S. cryptocurrency owners in 2019, and has now added a direct question about cryptocurrency ownership and trading as a checkbox in the individual income tax return form for 2020. With the cryptocurrency question clearly stated on the first page of Schedule 1, cryptocurrency tax evaders could face legal prosecution leading to fines of up to $250,000....

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