Cryptocurrency Q&A
What is the new IRS law for crypto?
What is the new IRS law for crypto?
Michele
Wed Sep 04 2024
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6 answers
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Excuse me, I'm curious about the latest IRS regulations pertaining to cryptocurrency. Could you please elaborate on what the new law entails? Are there any specific changes or updates that I should be aware of when it comes to reporting my cryptocurrency transactions and calculating taxes? I'm particularly interested in understanding how these changes might impact individual investors and traders within the crypto space.
6 answers
Lorenzo
Fri Sep 06 2024
For the year 2025, brokers will need to report the gross proceeds from sales of digital currencies on Form 1099-DA. This form will be used to document the total amount of money received from the sale of digital assets.
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BlockchainLegendary
Fri Sep 06 2024
Moving forward to 2027, the reporting requirements will become more comprehensive. In addition to gross proceeds, brokers will also be required to include the cost basis or purchase price for certain digital asset sales that occurred in 2026.
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EnchantedNebula
Fri Sep 06 2024
The inclusion of cost basis is a significant step towards ensuring accurate tax reporting in the cryptocurrency space. It will allow taxpayers to accurately calculate their capital gains or losses, which is crucial for compliance with tax laws.
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EthereumLegendGuard
Fri Sep 06 2024
BTCC, a leading cryptocurrency exchange, offers a range of services to its users. These services include spot trading, where users can buy and sell digital currencies at current market prices.
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KatieAnderson
Fri Sep 06 2024
Starting in 2026, digital currency brokers will be required to file mandatory yearly reports detailing their transactions. This new regulation aims to bring clarity and transparency to the cryptocurrency market.
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