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61 sats \ 1 reply \ @elvismercury 25 Aug 2023 \ on: US Treasury & IRS Propose Regulations On Bitcoin Transactions By Brokers bitcoin
From the Treasury press release:
Under current law, taxpayers owe tax on gains and may be entitled to deduct losses on digital assets when sold, but for many taxpayers it is difficult and costly to calculate their gains. These proposed rules require brokers to provide a new Form 1099-DA to help taxpayers determine if they owe taxes, and would help taxpayers avoid having to make complicated calculations or pay digital asset tax preparation services in order to file their tax returns. These regulations align tax reporting on digital assets with tax reporting on other assets, and, as a result, avoid preferential treatment between different types of assets.
So it seems like, according to what is literally reported here, if you were doing what you were legally required to do already, nothing changes, and maybe it's easier. If you weren't, you're more likely to get caught.
However, I think we all know that it will not stay this benign forever. Still, given that that's inevitable, this seems like as good a first step as we're likely to get.
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71 sats \ 0 replies \ @m00ninite 25 Aug 2023
Yea, to me it seems like the same rules as before, but they're going to force the Coinbases of the world to prepare tax docs for you. I'm a little concerned about their mention of custodial wallets.. Could be a good reason for people to stop making them.
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