Treasury, IRS release proposed crypto tax reporting rules | Headlines | News | CoinMarketCap
08/25/2023 21:28
The U.S. Treasury Department released proposed rules that would require brokers and exchanges to report certain sales on crypto from bitcoin to NFTs …
The Block14 minutes ago
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Published on August 25, 2023 14:12 GMT+00:00edited on August 25, 2023 14:14 GMT+00:00
The U.S. Treasury Department released proposed rules that would require brokers and exchanges to report certain sales on crypto from bitcoin to NFTs to close the tax gap and “ensure that everyone plays by the same set of rules.”
The Treasury, alongside the Internal Revenue Service, released a set of proposed regulations on Friday as part of the Infrastructure Investment and Jobs Act passed in 2021 that included crypto language to increase reporting made by brokers on customers’ crypto activity.
Under the proposed rules, crypto brokers would be treated similarly to brokers for more traditional investments like stocks and bonds. Currently, taxpayers owe tax on gains and can deduct losses on digital assets when they are sold, but the Treasury said it is hard for taxpayers to …