About the cryptocurrency question on the new 2020 tax form

Hi all, new here I don't have the link for it. But there's a draft of the new 2020 tax form and a question on the first page asking if you acquired any "virtual" currency during the year.

I have a question about that. There's a couple of wallets I have on faucet sites where I've earned interest and per-task transactions. One of them, however, is very difficult to find out my 2020 totals. It has a stats page but it only gives totals (as in lifetime totals). It doesn't break it down on a year by year basis. And I've had the account for years. But I don't remember what my balance was on Jan 1st. So I can't figure out how much I "acquired" for the year 2020 only.

Any suggestions on what I should do?

If you have enough in a wallet at a faucet site to matter you should withdraw it - I would not trust any faucet site to hold more than a token amount of anything.

If you have been doing things right and declaring it each year you can do a subtraction from what you declared in previous years.

I am not qualified to give tax advice...but...if it were me - if it were any significant amount of money I would consult a tax professional. If the wallet contained a small amount, like $5.00, and I had not declared it I might declare the whole contents of the wallet as income in this year.

The cryptocurrency question on your tax form is really just another box to check - it does not modify
the obligation to declare cryptocurrency income on your taxes.

I don’t know if I will help you with your question since I’ve never dealt with cryptocurrencies before. I used to work in an office, and I also had to calculate taxes at the end of every month. This routine used to irritate me. I couldn’t handle it anymore, and I decided to find a pay stub generator. After some searching, I was able to find ThePayStubs , and it was the best pay stub generator I’ve ever seen. Ever since that day, my life has become less complicated, and now I use the generator not only for work but also for myself. It saved me at the time, and I’m still using it till now. I think that it is really important for you to use it and for everyone else too.