The IRS Knows You Have Crypto: Operation Hidden Treasure
Cryptocurrency such as bitcoin, Luna, UST and Tether (USDT) have been in the news lately. So what is crypto? Crypto is not legal money. It is property, similar to gold. Like gold, its use can result in taxable income. The IRS is concerned that you and millions of Americans are using crypto without paying tax on the earnings. To clarify that it expects you and other taxpayers to report crypto earnings, the IRS added the following question about cryptocurrency to the top of Form 1040: At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any