๐Ÿš€๐Ÿค“ U.S. Treasury's IRS is stepping up its crypto game! Starting 2025, crypto brokers will file 1099 forms like traditional investment firms. DeFi ops and non-hosted wallet providers, you're on the bench for now, but your rule is coming later this year! ๐Ÿ“

๐Ÿ’ฐ๐Ÿ’ผ IRS is setting a $600 annual threshold on NFT proceeds before reporting is needed. Stablecoin sales? Most won't need reporting. Real estate transactions paid with crypto after Jan 1, 2026 will need reporting though! ๐Ÿ ๐Ÿ’ธ

๐Ÿ‘€๐Ÿ” The new IRS rules call for trading platforms, hosted wallet services, and digital assets kiosks to submit disclosures on the movements and gains of customers' assets. This includes stablecoins like Tether's USDT and Circle's USDC and high-value NFTs. ๐Ÿ“Š๐Ÿ–ผ๏ธ

โณ๐Ÿ“š The final rule for brokers begins with transactions on Jan. 1, 2025. Until then, crypto taxpayers, you're on your own to figure out your 2024 returns. But don't worry, crypto firms are already adapting! ๐Ÿงฎ๐Ÿ”ง

๐ŸŽ‰๐Ÿ—ฃ๏ธ Let's hear your thoughts! Are you ready for the new era of crypto tax reporting? Drop your comments below! ๐Ÿ‘‡๐Ÿ’ฌ #CryptoNews #IRS #TaxRules #DeFi #Web3

Note: This summary is related to DeFi and Web 3.