EZ on Nostr: Bitcoin tax filing is becoming an even greater headache for the U.S. taxpayers in ...
Bitcoin tax filing is becoming an even greater headache for the U.S. taxpayers in 2025, especially for the users of centralized exchanges:
1. The "universal method" for calculating crypto gains and losses is being eliminated.
2. Reporting will now be done on a wallet-by-wallet or account-by-account basis.
3. Centralized exchanges will issue 1099-DA forms, similar to the 1099-B for traditional securities. These forms will most likely be incorrect.
The safe harbor forces taxpayers to complete their 2024 Form 8949 gains and losses BEFORE the end of the year and BEFORE completing the safe harbor allocations.
More on this here: https://www.cryptobullseye.zone/blog/anchor-your-crypto-ship-in-the-irs-safe-harbor
https://www.youtube.com/watch?v=M1XPOFgjNPk
1. The "universal method" for calculating crypto gains and losses is being eliminated.
2. Reporting will now be done on a wallet-by-wallet or account-by-account basis.
3. Centralized exchanges will issue 1099-DA forms, similar to the 1099-B for traditional securities. These forms will most likely be incorrect.
The safe harbor forces taxpayers to complete their 2024 Form 8949 gains and losses BEFORE the end of the year and BEFORE completing the safe harbor allocations.
More on this here: https://www.cryptobullseye.zone/blog/anchor-your-crypto-ship-in-the-irs-safe-harbor
https://www.youtube.com/watch?v=M1XPOFgjNPk