New IRS Guidance on Cryptocurrency: Complicated Reporting and Temporary Safe Harbor Explained
Cryptocurrency is gaining popularity in the U.S. as both an investment and a transaction method, prompting the IRS to impose complex reporting requirements. Recent updates from the IRS, specifically Revenue Procedure 2024-28 and Notice 2025-7, have clarified the reporting obligations for cryptocurrency owners. Cryptocurrencies are considered property, meaning that capital gains, income from sales, and ...
