IRS Releases Updated Draft of its Crypto Taxation Form
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The United States Internal Revenue Service has released an updated version of its crypto taxation form 1099-DA, which applies to crypto brokerage accounts.
According to Ji Kim, Head of Global Policy, Digital Assets and General Counsel at the Crypto Council for Innovation, the revised form will be used by brokers to report digital asset transactions to their clients, starting in 2025.
This latest version of the form has removed certain information requirements such as wallet addresses, transaction IDs, and time acquired, which Kim believes are significant changes.
The form, which tracks digital asset proceeds from broker transactions, was originally proposed by the IRS and the US Department of Treasury in August of 2023.
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