Crypto Wallet Panic: Why the IRS Form Photo Went Viral

A wild rumor spread fast online. People thought the IRS wanted everyone to list all their crypto wallets. This was not true. The mix-up started with a photo of a special IRS form. Many thought it was part of the usual tax form, Form 1040. But it was not. The photo showed Form 9297. This form is not for everyone. It is for people who have not paid their taxes or have problems with their tax returns. The IRS sends this form to a very small number of people each year. It is not a normal tax form. It is a serious request for information. Some people got upset online. They thought the IRS was asking for too much information. They did not understand that this form is only for specific cases. The IRS is not asking most people to list their crypto wallets or public keys. The IRS is changing some rules about crypto taxes. But these changes do not include listing all crypto wallets. The changes will start in 2026. They are about how to report the cost of crypto when selling it. People need to be careful with information online. Not everything that goes viral is true. This photo caused a lot of confusion. But in the end, it was just a misunderstanding.