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N.Y. Crypto Owners to Get Tax Guidance on Digital Investments

July 6, 2022, 6:11 PM

New York is providing greater clarity to taxpayers on sourcing gains and losses from cryptocurrency investments to the state under final draft regulations on apportionment.

The New York State Department of Taxation and Finance clarified July 1 that cryptocurrency and similar digitally delivered assets fall within the definition of digital products. Transactions involving a “digital product” must be sourced to the state the same as other products delivered via wire, cable, fiber-optic, laser, microwave, radio wave, satellite or similar media.

The final draft guidance is helpful, because the department never expressly referenced cryptocurrency in proposed ...