• American crypto holders are scared and confused about this year’s new IRS tax rules Crypto tax platform, Awaken Tax, polled 1,000 crypto holders about a radical shift from self-disclosure to automatic reporting of transactions. • What to know: New rules compel crypto exchanges like Coinbase to issue a Form 1099-DA to the IRS this week. • The rules are a “blunt instrument,” according to Awaken Tax founder Andrew Duca, created by legislators who know nothing about crypto. • The onus falls on the holder of crypto to “patch” what’s missing in terms of their crypto acquisition costs and actual tax basis. • A recent poll of 1,000 American investors in digital assets found that over half are scared they’ll face an IRS tax penalty this year as new transparency rules governing crypto exchanges take effect. • The data collected at the end of January by crypto tax platform Awaken Tax canvassed U.S.
Article Summaries:
- American crypto holders are scared and confused about this year’s new IRS tax rules Crypto tax platform, Awaken Tax, polled 1,000 crypto holders about a radical shift from self-disclosure to automatic reporting of transactions. What to know: - New rules compel crypto exchanges like Coinbase to issue a Form 1099-DA to the IRS this week. - The rules are a “blunt instrument,” according to Awaken Tax founder Andrew Duca, created by legislators who know nothing about crypto. - The onus falls on the holder of crypto to “patch” what’s missing in terms of their crypto acquisition costs and actual tax
Sources: