đ´đ¨U.S. Treasury Issues Crypto Tax Regime For 2025đ´đ¨
The IRS has now set up its reporting system for crypto brokers, but it set aside related rules for DeFi and unhosted wallets as it continues to study 44,000 comments to the agency.
The U.S. Department of the Treasury's Internal Revenue Service will require crypto brokers to file 1099 forms like their traditional investment-firm cousins, but decentralized finance (DeFi) operations and non-hosted wallet providers will have to wait for their own rule later in the year.
The rule released Friday will go into effect for transactions starting in 2025 and will require brokers to keep tabs on cost basis for customers' tokens starting in 2026.
The IRS won't call for reporting on most routine stablecoin sales and is putting a $600 annual threshold on NFT proceeds before they need to be reported.
