Crypto investors who don’t fill out this new tax form the right way could overpay on their taxes

When IRS computers sync the forms they already have with the numbers supplied on a return, their default move is marking $0 for a missing cost basis, Zlatkin said. “There is no game of chance here; the system is designed to flag these data gaps and shift the burden of proof onto the taxpayer,” he said.Suppose an investor bought a piece of bitcoin for $50,000 and then sold it for $100,000 more than a year later. If they made enough money to be taxed 15% on their capital gains, they would pay a $7,500 tax on ...