The US Treasury Department has finalized regulations requiring cryptocurrency platforms to report user transactions to the IRS starting in 2025, aiming to improve tax compliance and transparency in digital asset transactions.
New IRS Rules for Cryptocurrency Reporting Aim to Enhance Tax Compliance
According to the article in PC Mag, the US Treasury Department has finalized new rules to make sure people report their cryptocurrency transactions correctly for taxes. Starting in 2025, cryptocurrency platforms must tell the IRS about users’ transactions. This is to stop people from avoiding paying taxes on their digital money, which has become more common.
Now, cryptocurrency platforms will have to give users a 1099 form at the end of each year. This form will show how much profit or loss users made from their digital currency. It’s meant to help users accurately report their crypto earnings on their taxes without confusion.
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$100 Billion+ Cryptocurrency Transactions to be Tracked: US Treasury Department Enforces New Reporting Regulations (PHOTO: CNA)
Real Estate Professionals Included in New IRS Reporting Rules for Digital Assets
These rules also require real estate professionals to report the value of digital assets used in real estate deals starting from January 1, 2026. This shows the government is serious about making sure people pay the right taxes on all types of transactions involving digital money. The IRS will soon release the final version of the 1099-DA form to make the reporting process easier for everyone involved.
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