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What investors need to know about the latest crypto tax reporting rules

admin business news, cryptocurrency, Government taxation and revenue, Investment strategy, National taxes, Personal finance, Personal saving, Personal taxes, Tax planning, Taxes, Technology, Wealth October 24, 2022

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, 2022-10-24 08:00:01,

Jose Luis Pelaez | Getty Images

The IRS is sharing more details on how to report digital assets for the 2022 tax filing year, according to draft instructions.

Since 2019, there’s been a yes or no “virtual currency” question on tax returns, requiring filers to check a box to disclose their taxable crypto activity. For 2022, the agency has changed the term “virtual currency” to “digital asset,” with more guidance on when to check “yes.”

Notably, “digital asset” now includes non-fungible tokens, or NFTs, which grant ownership to items like art, and stablecoins, which are pegged to a real-world asset.

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“I think that’s a good change,” said Matt Metras, an enrolled agent and cryptocurrency tax specialist at MDM Financial Services in Rochester, New York. “People who trade things like NFTs would not think of that as a virtual currency.”

The “broader language” may include new categories, such as taxpayers receiving digital assets from “play-to-earn games,” which have become popular over the past year, he said.

The IRS is always going to be behind the eight ball because they just can’t keep up with how fast the crypto space is changing.

Matt Metras

Cryptocurrency tax specialist at MDM Financial Services

“The IRS is always going to be behind the eight ball because they…

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