The Treasury Department (“Treasury”) and the Internal Revenue Service (“IRS”) are likely to delay a January date for crypto brokers and exchanges to begin tracking and reporting data such as customers’ capital gains and losses. The move will delay when the IRS receives the same kind of data from crypto transactions as it receives for stocks…
Many investors in cryptocurrencies have seen their investments lose significant value in recent months. U.S. taxpayers who have losses from their digital asset investments or have had them stolen can deduct losses.
For individual taxpayers, typically the loss from the sale of crypto assets will result in a capital loss. Capital losses can offset capital gains, …
The recent decline in market prices for Bitcoin has taken a toll on miners, who have seen their profits slashed. According to data from BitInfoCharts, the average daily revenue for a Bitcoin miner has declined from around $13,000 at the beginning of 2018 to just $4,000 by mid-November. This sharp drop in income has forced many miners to abandon…
The Treasury Department is looking to require information reporting on digital asset transactions similar to other financial instruments, such as stocks and bonds. In an April 7 speech at American University outlining the Treasury’s digital asset policy, Treasury Secretary Janet Yellen said: that “appropriate guardrails” are needed in order to safeguard against the exponential growth of new digital assets like cryptocurrencies and non-fungible tokens.
