PRESS RELEASE. Crypto changes quickly, with new tax laws and regulations coming to several countries in 2022, impacting how people need to report their crypto gains on taxes.
New regulations in the US are a hot discussion topic among crypto investors, with a bill coming to fruition severely increasing the reporting needs for crypto brokers and traders.
Beyond the increased regulation, new investment vehicles in crypto also spark doubts on traders on how to incorporate them into their local tax regimes.
CoinTracking is here to cover the top 5 crypto tax changes to be aware of in 2022 and onward:
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
- More reporting for crypto brokers with the new 1099-B requirements
- More crypto reporting for traders under Section 60501 of the US tax code
- The difficulty in determining the Fair Market Value (in USD) of transacted crypto and how to determine the $10,000.
- Higher burden and privacy invasion by having to provide additional details (e.g., the transfer recipient, name of the parties, social security numbers, etc.)
- DAOs and DeFi 2.0 revenue increase need for crypto tax reporting
- The search for crypto-tax-friendly locations to cash out profits
- Metaverse and tokenization take center stage
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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