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

April 2025Taxation General

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”).

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

Abstract

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