Drastic Change in Crypto Tax Reporting Due by January 1, 2025
Key Takeaways for Digital Asset Holders New Guidance: IRS Revenue Procedure 2024-28 allows taxpayers to allocate basis in digital assets to wallets or accounts for tax purposes as of January 1, 2025. The allocation must be reasonable and can be either specific or global. This is crucial for accurate tax reporting. Transition Period: The guidance … Drastic Change in Crypto Tax Reporting Due by January 1, 2025