This is weird. Why is this all of a sudden a huge deal? Why wasn’t this well known leading up to the end of the year? Something feels off about this.
Discussion
IRS being jerks. I think it's been on a few peoples' radar but final guidance just came out, I believe, in early December.
I'm starting to think that this might only apply for taxable events on exchanges, but I'm also seeing that we have to do something even for non-custodial wallets. Has to do with methods for determining cost basis.
Obviously if all your bitcoins 😂 are non-kyc then this may be a moot point.