Tax
Sep. 12, 2023
What you should know about new crypto reporting rules
The U.S. Treasury Department has proposed new rules meant to make it harder – much harder – for people not to pay tax on their gains when they sell, or when they trade their crypto. It will be a while before these rules take effect, and it is possible that they will change before that critical effective date. But make no mistake, change is coming to the crypto tax reporting world.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Do you pay tax on your crypto gains? The IRS wants you to. Do you claim tax losses for your crypto losses? The IRS probably cares a good deal less about that, but you are entitled to claim your tax losses too, which can lessen the bite of gains. It is hard to believe that it’s been about 15 years since trading in bitcoin began. Of course, the crypto population has literally exploded since then, with coins coming and going, not always quietly.
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