New IRS regulation starting in 2025.
This coincides with the new accounting rules for corporations (thanks MicroStrategy).
The guidance in the article:
1. Send coins to an exchange and let them handle tracking.
2. Buy crypto tax reporting software. Keep track of your gains and losses.
3. Liquidate all crypto before Jan 1. Establish new cost basis. Keep detail records moving forward.
What's your thoughts Bitcoiners?
https://www.thetaxadviser.com/news/2024/oct/universal-accounting-for-digital-assets-concludes-but-safe-harbor-available.html
