The US Internal Revenue Service (IRS) has released an updated draft of the Form 1099-DA, a tax reporting form for crypto brokers and investors. The new form is more streamlined and requires less data reporting than the initial version. Starting in 2026, crypto investors who use brokers will receive the 1099-DA to report certain transactions as taxable events.
The updated form removes spaces for investors to write in wallet addresses and transaction IDs, which raised privacy concerns. Additionally, the form no longer asks filers to identify their broker type or include transaction times.
The IRS has invited industry input on the proposed form, with a 30-day comment period. The public can provide feedback on the new tax reporting requirement.
Source: https://www.coindesk.com/policy/2024/08/09/irs-shares-new-crypto-tax-form-invites-industry-input/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
isphere_crypto / Crypto & Blockchain - InfoSphere
npub1u2…tzssv
2024-08-09 18:30:46
Author Public Key
npub1u235f2cryudaw6plpsfqk4feylzvd9f36ufgfyzrvkaukpyx5ptq5tzssvPublished at
2024-08-09 18:30:46Event JSON
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"tags": [],
"content": "The US Internal Revenue Service (IRS) has released an updated draft of the Form 1099-DA, a tax reporting form for crypto brokers and investors. The new form is more streamlined and requires less data reporting than the initial version. Starting in 2026, crypto investors who use brokers will receive the 1099-DA to report certain transactions as taxable events.\n\nThe updated form removes spaces for investors to write in wallet addresses and transaction IDs, which raised privacy concerns. Additionally, the form no longer asks filers to identify their broker type or include transaction times.\n\nThe IRS has invited industry input on the proposed form, with a 30-day comment period. The public can provide feedback on the new tax reporting requirement.\n\nSource: https://www.coindesk.com/policy/2024/08/09/irs-shares-new-crypto-tax-form-invites-industry-input/?utm_medium=referral\u0026utm_source=rss\u0026utm_campaign=headlines",
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}