BITCOIN

The Internal Revenue Service (IRS) has updated the crypto section in the 2022 draft instructions for tax form 1040. “For example, digital assets include non-fungible tokens (NFTs) and virtual currencies, such as cryptocurrencies and stablecoins,” the tax agency detailed. New IRS Instructions for Tax Form 1040 The Internal Revenue Service (IRS) released its 2022 draft instructions for tax form 1040 last week. Form 1040 is the tax form used for filing individual income tax returns in the U.S. The new instructions contain several changes relating to cryptocurrency. The section titled “Virtual Currency” has been replaced with one titled “Digital Assets.” The IRS detailed: Digital assets are any digital representations of value that are recorded on a cryptographically secured distributed ledger or any similar technology. For example, digital assets include non-fungible tokens (NFTs) and virtual currencies, such as cryptocurrencies and stablecoins. In contrast, NFTs and stablecoins