IRS News Release: New Rules on Broker Reporting of Digital Assets (IRC §6045)

Final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency, the IRS issued. These reporting requirements will help taxpayers to file accurate tax returns with respect to digital asset transactions, which are already subject to tax under current law, the IRS stated. The regulations require brokers to report certain sale and exchange transactions that take place beginning in calendar year 2025 and will be reported on the soon-to-be released Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The regulations implement reporting requirements by the Infrastructure Investment and Jobs Act, enacted in 2021, the IRS ...