IRS rules require brokers to report data on cryptocurrency transactions over $10,000

Bitget App

Trade smarter

Cointime2024/01/03 01:39

By:Cointime

On January 3rd, some provisions of the infrastructure bill signed by US President Biden have taken effect, including the requirement for many digital asset transactions worth more than $10,000 to be reported to the US Internal Revenue Service (IRS), as reported by Cointelegraph.

This bipartisan infrastructure bill, passed by Congress and signed by President Biden in 2021, expands the requirements for brokers, requiring many cryptocurrency trading platforms and custodians to report cryptocurrency transactions exceeding $10,000 to the IRS. After the bill was passed, many lawmakers suggested additional legislation to "fix" reporting requirements, claiming that the information brokers need to collect will be difficult or impossible to collect.

The bill requires cryptocurrency brokers to report personal information on transactions to the IRS within 15 days, with the aim of reducing the US tax gap.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

Troller Cat heats up as Stage 5 kicks in. Compare it with Neiro, and Notcoin to discover the best cryptos for beginners.Troller Cat ($TCAT): Stage 5 Goes Live—A 34.95% Price Boost Signals the Race Is OnNeiro ($NEIRO) Crashes Over 12% as Volume Surges Past Market Cap in High-Volatility MoveNotcoin ($NOT) Drops Over 6% as Traders Pull Back Amid Slowing VolumeConclusion

Coinomedia•2025/05/18 17:44