The IRS has put a question about cryptocurrency holdings on page one of 2020 tax returns that taxpayers are expected to answer accurately.
If you had income from crypto — whether due to selling at a profit or receiving a digital asset for work performed — failure to report it could come back to bite you.
“It could be a real tax mess for folks who try to hide crypto earnings from the IRS,” said Certified Financial Planner (R) Kathryn Hauer.
Kathryn Hauer, a Certified Financial Planner™ and financial literacy educator with Wilson David Investment Advisors in Aiken, SC, has written numerous articles and several books. She works to help clients and readers understand and act on complex financial information to keep them and their money safe. She functions as a strong advocate and guiding light for her clients as they move through a murky and unfamiliar financial world.
Wilson David Investment Advisors - your financial North Star - is an independent, fee-only, state-registered investment advisory firm. We offer a suite of services including wealth management, financial planning by Kathy Hauer, CFP®, and several other specialized products geared toward financially empowering individuals and businesses. Kathy is also a tax specialist, preparing individual and business taxes. We deliver the personalized attention that comes with a firm that profoundly desires to help people reach their financial goals with as little worry as possible. You are an expert at what you do, and you make money doing it; we're experts at managing money. We can work together to help you keep and grow your hard-earned dollars.