Parents, time for ‘the talk’: did your child trade crypto in 2020?
Taxation of cryptocurrencies is no longer just a problem for young people. That changed the day the United States Internal Revenue Service made crypto an application focal point and added a crypto disclosure question to its Form 1040. Unsuspecting parents with dependent children should be on guard. The IRS is looking for default and the crypto questions create a possibly perjury trap. Non-compliance can be sleeping in the basements of many unsuspecting parents. As of October 2019, nearly 40 million Americans own some form of cryptocurrency and the average account value is over $ 5,000. And data from Google (NASDAQ 🙂 Analytics shows that more than 40% of all crypto owners over the age of 18 are millennials, and nearly 17% have just finished high school. It is the latter group that should be of concern to parents. Those numbers equate to millions of cryptocurrency owners who are college age or younger. This creates a potential “crypto trap” for parents who claim crypto-savvy youth are dependent on their tax returns.
Jason Morton practices law in North Carolina
and is a partner at Webb & Morton, PLLC. He is also a defense
judge for the Army National Guard. It
focuses on tax defense
and tax litigation (foreign and domestic), estate planning, business
law, asset protection and taxation of cryptocurrencies. He studied blockchain at the University of California
, Berkeley and studied law at the University of Dayton and George Washington
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