Closer look at new proposed regulations by IRS; what to expect in 2024–2025
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A digital asset is a representation of value recorded on a secure, distributed ledger. Common types include:Stablecoins, which are cryptocurrencies pegged to a stable asset like a fiat currency . The digital assets question asks taxpayers whether, at any time during 2023, they received digital assets as a reward, award, or payment for property or services, or if they sold, exchanged, or otherwise disposed of a digital asset or a financial interest in a digital asset.
Unlike securities rules, there's no exemption for multiple middlemen, so each must file their own Form 1099-DA with the IRS and taxpayer. This could confuse taxpayers, leading to over-reporting or discrepancies with IRS data, adding to taxpayer burden.
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