Question of the Day: What type of currency are taxpayers now required to disclose on their 2020 tax return?
Are you looking for Free PD in this content area, one hour at a time, on your own time?
Basics of Bitcoin On Demand.
Answer: Cryptocurrencies
Questions:
- What do you know about cryptocurrencies (e.g. bitcoin)?
- Do you think that having the IRS now require disclosure of cryptocurrency holdings means that it is becoming more mainstream?
- Bitcoin, a type of cryptocurrency, has risen from $8,000 to $37,000 over the past year. When you see an investment increase that much does it make you even more eager to buy it? Why or why not?
⟶ Our Should You Buy Bitcoin EdPuzzle will serve as a terrific complement to this post.
Behind the numbers (CNBC):
Indeed, the front page of the individual income tax return, aka Form 1040, asks a yes or no question: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”
Click here to sign up, it only takes a moment and you will receive one email each morning that will include the Question of the Day or a FinCap Friday, and other timely and engaging resources.
About the Author
Tim Ranzetta
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
SEARCH FOR CONTENT
Subscribe to the blog
Join the more than 11,000 teachers who get the NGPF daily blog delivered to their inbox: