The IRS has finalized new regulations for taxing cryptocurrencies, and cryptocurrency trading platforms will be required to report transactions to the IRS starting in 2026.
However, decentralized platforms that do not hold assets will be exempt. These are the main elements of the new rules that the IRS and US Treasury hammered out on Friday, essentially implementing a provision in the Infrastructure Investment and Jobs Act, passed by the Biden administration in 2021. Even without these new rules, cryptocurrency holders would be taxed; however, there is no real standardization on how these holdings are reported to the government and individual investors.
From 2026, which covers transactions through 2025, cryptocurrency platforms will have to provide a standard 1099 form, similar to those sent by banks and traditional brokerages. In addition to streamlining the tax process for cryptocurrencies, the IRS has said it is working to crack down on tax evasion.
The IRS has finalized new regulations for taxing cryptocurrencies
2024-06-29 20:44:06
US state tax office finalization crypto currency taxation new regulations cryptodesk3cryptocurrencydesktopCrypto News
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