Two developments for crypto users and investors: 1) Taxpayers must now check a box on their returns indicating whether they received digital assets as payment for property or services or whether they sold, exchanged or transferred digital assets that were held as capital assets. If “yes” is checked, taxpayers must report income related to the […]
Tag Archives | Digital Assets
New Digital Asset Reporting Requirements Will be Imposed in Coming Years
The Infrastructure Investment and Jobs Act was signed into law on Nov. 15, 2021. It includes new reporting requirements that will generally apply to digital asset transactions starting in 2023. Cryptocurrency exchanges will be required to perform intermediary Form 1099 reporting for crypto transactions. The law expands the definition of brokers who must furnish Forms […]
