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The IRS has introduced a new cryptocurrency audit form, requiring taxpayers to report their complete cryptocurrency transaction history
According to btc-42">Bitcoin News, the Internal Revenue Service (IRS) has introduced a new form for cryptocurrency audits, requiring taxpayers to report the complete history of the trading platforms and wallets they have used.
The form lists over 100 platforms, including Coinbase, Binance, Kraken, FTX, and Mt. Gox, as well as self-custody wallets like MetaMask, Ledger, and Trezor. Taxpayers must indicate "yes" or "no" for each platform and sign to confirm that the information provided is true and accurate; otherwise, they may face perjury penalties.
The form is designed to map the complete cryptocurrency footprint of taxpayers across exchanges and wallets, potentially tracing back several years. Tax professionals warn that this document could pose significant legal risks and advise consulting a crypto tax attorney before signing. Failing to disclose platforms used years ago may raise questions, while disclosing too much could also lead to new investigative leads.
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