IRS, Treasury Announce New Crypto Tax Reporting Rule For Brokers [zero hedge]
CBOE GLOBAL MARKETS INC (CBOE)
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Source: zero hedge
IRS, Treasury Announce New Crypto Tax Reporting Rule For Brokers Authored by Naveen Athrappully via The Epoch Times (emphasis ours), The U.S. Department of the Treasury and the Internal Revenue Service (IRS) published a final rule on Friday that requires cryptocurrency brokers to report details of digital asset transactions to the tax agency. The Treasury Department in Washington on March 25, 2024. (Madalina Vasiliu/The Epoch Times) “ The final regulations announced today will require brokers to report gross proceeds on the sale of digital assets beginning in 2026 for all sales in 2025 ,” the Treasury said in a June 28 press release. “ Brokers will be required to also report information on the tax basis for certain digital assets beginning in 2027 for sales in 2026. ” Tax basis refers to the original purchase price of digital assets and is used to determine taxes owed following its sale. The new rule does not change tax requirements for taxpayers . It is only directed at brokers for r
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