According to the updated IRS FAQs, purchasing virtual currencies using USD is not necessarily reportable to the IRS. IRS Latest Update Virtual currency holders who bought the assets via fiat money were confused about whether or not to tick ‘yes’ on IRS’ form 1040. The scenario only applies if the holder has no subsequent virtual
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Source: https://btcmanager.com/buying-cryptocurrency-with-usd-need-not-be-reported-to-the-irs/
