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First major crypto platform to implement IRS tax rules by 2025?
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IRS Delays Crypto Tax Reporting to 2026, Easing Burden on Centralized Platforms and Brokers
Jan 2, 2025, 05:17 PM
The Internal Revenue Service (IRS) has delayed the implementation of new cryptocurrency tax reporting rules until 2026, providing centralized platforms and brokers additional time to comply with cost basis regulations for digital asset transactions. The delay aims to give these entities more time to adapt to the new rules, which were originally set to be enforced starting in 2025. The postponed regulations would have required brokers to issue 1099 forms for crypto transactions, enhancing tax compliance. This decision comes amidst legal challenges and aims to prevent forced first-in, first-out (FIFO) sales that could maximize capital gains for investors.
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