Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
The U.S. Internal Revenue Service has previewed what crypto investors' future tax form might look like when it finishes its much-debated rule on how cryptocurrency transactions should be reported to the federal government.form that would be meant to figure out the taxable gains or losses when brokered digital assets change hands.
. While the establishment of U.S. tax practices for crypto is among the necessary steps toward ridding investors of uncertainty and confusion, cryptocurrency businesses are nervous about how the IRS will identify the digital asset brokers that would need to comply with the new system – potentially including wallet providers, decentralized platforms and payment processors.
"As expected, the look and feel are similar to the Form 1099-B for reporting sales of traditional financial products," said Jessalyn Dean, vice president of tax information reporting at Ledgible, inthat also noted the IRS has"packed a lot of lines and boxes into this form."
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