Cointime

Download App
iOS & Android

IRS releases draft digital asset tax form

The US Internal Revenue Service (IRS) has released a draft tax form for reporting digital asset transactions, applicable for tax filings in 2025. The form, known as 1099-DA, is used to report digital asset earnings by brokers. According to the instructions on the recipient form, brokers, including non-custodial wallet providers, are required to report the earnings from digital asset disposals to the IRS. A cryptocurrency tax expert emphasized that the IRS collecting certain data points (such as wallet addresses) "could raise significant privacy and security concerns."

Comments

All Comments

Recommended for you

  • Web3 Gaming Analytics

    Transforming Gaming: Helika & The Rise of Advanced Analytics
  • Qian Zhimin, the main culprit in the 60,000 Bitcoin money laundering case, was sentenced to 6 years in prison in the first instance

    On May 24th, the Southwark Crown Court in London ruled in the second trial that 42-year-old Chinese national Qian Zhimin was guilty of money laundering and will serve six years and eight months in prison. Previously, Qian Zhimin had attempted to purchase multiple luxury homes in London, including a 23.5 million pound seven-bedroom mansion in Hampstead and a 12.5 million pound mansion with a private cinema and gym, which caught the attention of the police. An investigation found over 61,000 bitcoins worth more than 3 billion pounds in a digital wallet, setting a record for the highest amount of cryptocurrency seized in the UK. Currently, 23,300 bitcoins worth over 1 billion pounds are still in circulation. It is said that these bitcoins came from a 5 billion pound investment fraud case in China between 2014 and 2017, where the funds were transferred overseas and used to purchase cryptocurrency. Qian Zhimin did not directly participate in the fraud, but played a "front desk" role in helping to disguise the source of the laundered funds.
  • Time to Harvest! HTX Liquid Restaking Injects ETHFI & zkLink Airdrops and Allows Points Redemption Soon

    This summer, as the scorching heat envelopes the Northern Hemisphere, an even more exciting anticipation filled the air—the arrival of the restaking airdrop harvest season. HTX, the global leading cryptocurrency exchange, is heating up the restaking season with the addition of Etherfi (ETHFI) and zkLink airdrops to its Liquid Restaking event. Points earned through the event will soon be accessible for redemption, allowing users to capitalize on their participation. According to the previous report, the event has recently increased its quota to over $150 million and introduced a new version featuring a clearer reward display and automatic update from LRS points to r-points.
  • Privacy, human rights, and Tornado Cash

    I am more worried about privacy than crypto crime.
  • LingoAI’s Founder Una Wang: DePIN x AI - The Future of People’s AI

    Read the CEO & founder's narrative of LingoAI’s vision, to use DePIN and AI to support all human languages, promoting AI inclusivity and connectivity across the globe.
  • Xangle ·

    NEAR 1Q24 Review

    In Q1 2024, NEAR experienced significant growth in on-chain performance and ecosystem expansion. Beyond the broader crypto market's bullish trend fueled by Bitcoin ETFs, there has been notable attention directed towards AI, memecoins, and Web3's rece
  • Xangle ·

    Finschia X Klaytn: To Become Asia's Leading Mainnet

    On January 16 , a proposal for the merger between Finschia and Klaytn (tentatively named Project Dragon) was announced. Despite initial strong opposition from Finschia investors during the governance voting phase, the merger of the two chains was
  • Xangle ·

    Commercial Real Estate and Security Token Offerings (STOs)

    Larry Fink, CEO of BlackRock, the world's largest asset manager, emphasized that the future of financial markets lies in asset tokenization. This observation suggests that the trajectory Wall Street has quietly pursued in blockchain and ditigal asset
  • Introducing Pace Studio—— an agency helping startups build, iterate & scale through seamless design

    Community Labs is uniquely placed at the center of the Arweave ecosystem to build foundational tools and infrastructure that solve pain points for developers and users.
  • The Next Phase of ArNS

    The Arweave Name System is a decentralized registry of friendly names for Arweave transactions. ArNS.app is a portal for everything ArNS.