The U.S. IRS has updated its Frequently Asked Questions on Virtual Currency Transactions (FAQs), with a last updated date of 3 March 2021. The FAQs provide guidance for taxpayers who hold virtual currency as a capital asset. The FAQs were updated with the addition of Q5 to explain the question on virtual currency on page 1 of IRS Form 1040 (US Individual Income Tax Return) for 2020, which asks…