IRS Removes Wallet Addresses from Crypto Tax Forms, Invites Public to Weigh In

2024-8-12 20:35

The US Internal Revenue Service (IRS) has released a new draft of Form 1099-DA, removing the requirement for crypto investors to include wallet addresses and transaction IDs when reporting their digital asset transactions.

The IRS’s decision to streamline the 1099-DA form is part of a broader effort to modernize and simplify the reporting of digital asset transactions.

IRS Commissioner Highlights Clarity and Compliance in Revised Crypto Tax Form

The initiative to eliminate the need for wallet addresses and transaction IDs is particularly important. Notably, this move directly addresses privacy concerns that stakeholders raised when the original draft was released earlier this year.

Furthermore, taxpayers will no longer need to provide the exact time of transactions, just the date. Additionally, the requirement to specify the type of broker used has been removed, further simplifying the process for filers.

Read more: Complete Guide to Filing Cryptocurrency Taxes in 2024

While the current draft focuses on custodial brokers, the IRS has indicated that it will issue separate guidelines for decentralized and non-custodial brokers later this year. These forthcoming regulations will further clarify how to report digital assets, particularly in more complex scenarios.

Public feedback is a key component of this draft. The IRS has opened a 30-day comment period to allow stakeholders to share their views on the proposed changes.

The IRS has posted the draft of Form 1099-DA on its website, where stakeholders can review the proposed changes and submit their comments. This public input period will help the IRS refine the form before it becomes mandatory for the 2025 tax year, with forms issued to taxpayers and the IRS in early 2026.

Read more: US Crypto Tax Guide: What You Should Know in 2024

IRS Commissioner Danny Werfel stated that this new form will offer greater clarity to taxpayers. Additionally, it will provide them with an additional tool for accurately reporting their transactions involving digital assets. He also emphasized the importance of third-party reporting in ensuring compliance with tax laws.

“This step will also help us make sure digital assets are not used to hide taxable income, including in high-income categories while providing taxpayers who play by the rules more information to accurately report their income,” Werfel said in an August 9 statement.

The post IRS Removes Wallet Addresses from Crypto Tax Forms, Invites Public to Weigh In appeared first on BeInCrypto.

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