Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
IRS rules require brokers to report data on cryptocurrency transactions over $10,000

IRS rules require brokers to report data on cryptocurrency transactions over $10,000

Cointime2024/01/03 01:39
By: Cointime

On January 3rd, some provisions of the infrastructure bill signed by US President Biden have taken effect, including the requirement for many digital asset transactions worth more than $10,000 to be reported to the US Internal Revenue Service (IRS), as reported by Cointelegraph.

This bipartisan infrastructure bill, passed by Congress and signed by President Biden in 2021, expands the requirements for brokers, requiring many cryptocurrency trading platforms and custodians to report cryptocurrency transactions exceeding $10,000 to the IRS. After the bill was passed, many lawmakers suggested additional legislation to "fix" reporting requirements, claiming that the information brokers need to collect will be difficult or impossible to collect.

The bill requires cryptocurrency brokers to report personal information on transactions to the IRS within 15 days, with the aim of reducing the US tax gap.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Trending news

More
1
Announcement on Bitget listing NFLXUSDT, FUTUUSDT, JDUSDT, RDDTUSDT, QQQUSDT STOCK Index perpetual futures
2
Bitget Trading Club Championship (Phase 15)—Trade spot and futures to share 120,000 BGB, up to 2200 BGB per user!

Crypto prices

More
Bitcoin
Bitcoin
BTC
$112,994.65
-1.21%
Ethereum
Ethereum
ETH
$3,983.26
-3.55%
Tether USDt
Tether USDt
USDT
$1
+0.02%
XRP
XRP
XRP
$2.59
-1.84%
BNB
BNB
BNB
$1,100.65
-3.78%
Solana
Solana
SOL
$193.8
-2.72%
USDC
USDC
USDC
$0.9999
+0.00%
Dogecoin
Dogecoin
DOGE
$0.1925
-4.81%
TRON
TRON
TRX
$0.2947
-1.42%
Cardano
Cardano
ADA
$0.6437
-3.99%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter