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U.S. Broker Reporting Rules for Cryptocurrencies and Other Digital Assets: An Overview

April 2025
TaxationGeneral

Abstract

On June 28, 2024, the U.S. federal revenue department (the Internal Revenue Service, or IRS) issued final regulations (the Final Regulations) requiring the prospective reporting of sales by U.S. custodial brokers (starting in 2026 for certain 2025 sales), and in more limited cases, the cost basis (starting in 2027 for certain 2026 sales) of digital assets such as cryptocurrencies, stablecoins and nonfungible tokens (NFTs). The regulations implement related broker reporting rules for digital asset sales that were enacted in 2021 as part of the Infrastructure Investment and Jobs Act (Pub. L. No. 117-58, the “Infrastructure Act”).

Authors

Portrait image of Stevie Conlon
Stevie Conlon
Vice President, Tax and Regulatory Counsel, Wolters Kluwer Financial Services, USA

Stevie is a vice president, tax and regulatory counsel for Wolters Kluwer. Licensed in New York & Illinois, she coauthored a tax and financial law treatise, a book and over 60 professional articles.

Portrait image of Robert Schwaba
Robert Schwaba
Manager, Specialized Consulting, Wolters Kluwer Financial Services, USA, USA

Robert Schwaba is a Specialized Consulting Manager with Wolters Kluwer and a co-author of several articles primarily focused on taxation and regulatory issues.

Companies

Wolters Kluwer Financial Services logo

Wolters Kluwer Financial Services

Wolters Kluwer is a global company that provides expert solutions for leading professionals.

Wolters Kluwer Financial Services, USA

Wolters Kluwer is a global company providing expert solutions to professionals.

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