IRS Digital Wallet Addresses Updated Crypto Brokerage Tax Form
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The IRS seems to have updated its crypto brokerage tax form, Form 1099-DA, to remove requests for digital wallet addresses, among other information. The updated Form 1099-DA is slated to go at least partially into effect in 2025. The United States Internal Revenue Service has updated the draft of its crypto taxation form 1099-DA for crypto brokerage accounts. “As a refresher, this is the form that ‘brokers’ will start using in 2025 to report digital asset transactions to customers,” wrote Ji Kim, Head of Global Policy, Digital Assets and General Counsel at the Crypto Council for Innovation, on the social media platform X. 🚨 An updated draft 1099-DA form just posted on the IRS website, which reflects the final broker regs issued in June. As a refresher, this is the form that “brokers” will start using in 2025 to report digital asset transactions to customers. https://t.co/NSSu8prl4X Initial… — Ji Kim (@_jikim) August 9, 2024 “Initial review reflects that this draft form removed, among other things, wallet addresses, transaction IDs and time acquired. These are important changes.” Form 1099-DA, which monitors “digital asset proceeds from broker transactions,” is slated to go at least partially into effect in 2025, according to its revised Aug. 8 draft. The IRS, along with the US Department of the Treasury, first proposed the crypto brokerage taxation form in August 2023. Early drafts of the form required filers to submit a digital wallet address and to note whether assets are a “non-covered security.” However, members in the crypto industry raised privacy concerns in addition to how the taxation reporting could affect the decentralized finance industry. Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with…
Filed under: News - @ August 10, 2024 12:10 pm