Biden Administration Unveils New Crypto Tax Reporting Rules
Cryptocurrency brokers will have to report new information on users' sales and exchanges of digital assets to the Internal Revenue Service (IRS) under a proposal from the U.S. Treasury Department. A proposed new tax reporting form called Form 1099-DA is meant to help taxpayers determine if they owe taxes and would help crypto users avoid having to make complicated calculations to determine their gains, Treasury said. It would also subject digital asset brokers to the same information reporting rules as brokers for other financial instruments, such as bonds and stocks.
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