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U.S. Treasury Finalizes Crypto Tax Reporting Rules for 2025, Estimates $28 Billion Revenue
Jun 28, 2024, 10:25 PM
In a significant move to combat tax evasion in the cryptocurrency markets, the U.S. Treasury Department has finalized new tax reporting rules. These rules require cryptocurrency brokers, including exchanges and payment processors, to report detailed information on users' sales and exchanges of digital assets to the IRS. The comprehensive framework, stemming from the 2021 Infrastructure Investment and Jobs Act, is set to take effect in 2025, with additional requirements starting in 2026. However, regulations for non-custodial entities and DeFi have been delayed. The new rules, which span 365 pages, also cover broker rules, token exchanges, selling rules, and real estate reporting involving cryptocurrency. The Treasury estimates that the rule could generate $28 billion over the next decade.
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