The post US Proposes Rules for Crypto Reporting to Close Tax Gap! appeared first on Coinpedia Fintech News
The U.S. Treasury Department has released proposed rules that would require brokers and exchanges to report certain sales on crypto, from bitcoin to NFTs, in an effort to close the tax gap. The proposed regulations are aimed at ensuring that everyone plays by the same set of rules by increasing reporting made by brokers on customers’ crypto activity. The proposed rules would treat crypto brokers similarly to brokers for more traditional investments like stocks and bonds. The new rules would make it easier for taxpayers to calculate gains and deduct losses on digital assets when they are sold. These rules are part of the Infrastructure Investment and Jobs Act.
Source: https://coinpedia.org/crypto-live-news/us-proposes-rules-for-crypto-reporting-to-close-tax-gap/