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https://www.irs.gov/newsroom/treasury-and-irs-issue-proposed-regulations-on-reporting-by-brokers-for-sales-or-exchan...
Submission: On August 30 via manual (August 30th 2023, 6:00:56 pm UTC) from PH — Scanned from DE

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 1. Home
 2. News
 3. News Releases
 4. Treasury and IRS issue proposed regulations on reporting by brokers for
    sales or exchanges of digital assets; new steps designed to end confusion,
    help taxpayers, aid high-income compliance work


TREASURY AND IRS ISSUE PROPOSED REGULATIONS ON REPORTING BY BROKERS FOR SALES OR
EXCHANGES OF DIGITAL ASSETS; NEW STEPS DESIGNED TO END CONFUSION, HELP
TAXPAYERS, AID HIGH-INCOME COMPLIANCE WORK

 


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IR-2023-153, Aug. 25, 2023

WASHINGTON — The Department of the Treasury and the Internal Revenue Service
today issued proposed regulations that would require brokers to report sales and
exchanges of digital assets by customers.

The proposed regulations cover a range of digital asset issues where there have
been questions, including defining brokers and requiring proceeds to be reported
to the IRS on new Form 1099-DA.

"These proposed regulations are designed to help end confusion involving digital
assets and provide clear information and reporting certainty for taxpayers, tax
professionals and others," said IRS Commissioner Danny Werfel. "A key part of
this effort fits in with the larger IRS compliance focus on wealthy taxpayers.
We need to make sure digital assets are not used to hide taxable income, and the
proposed regulations are designed to provide a clearer line of sight into
activities by high-income people as well as others using them. We want to make
sure everyone pays what they owe under the tax laws, and our research and
experience demonstrate that third-party reporting improves compliance. We
welcome comments on these proposed regulations as we work to finalize the rules
in this complex and evolving area."

For sales or exchanges of digital assets that take place on or after Jan. 1,
2025, the proposed regulations would require brokers, including digital asset
trading platforms, digital asset payment processors and certain digital asset
hosted wallet providers, to report gross proceeds on a newly developed Form
1099-DA and to provide payee statements to customers. Brokers, in certain
circumstances, would also be required to include gain or loss and basis
information for sales that take place on or after Jan. 1, 2026, on these
information returns and statements, so that customers have the information they
need to prepare their tax returns.

The proposed regulations would also require real estate reporting persons, such
as title companies, closing attorneys, mortgage lenders and real estate brokers,
who are treated as brokers for dispositions of digital assets, to report the
disposition of digital assets paid as consideration by real estate purchasers to
acquire real estate in real estate transactions that close on or after Jan. 1,
2025. These real estate reporting persons would also be required to include on
Form 1099-S the fair market value of digital assets paid to sellers of real
estate in real estate transactions that close on or after Jan. 1, 2025.

Finally, the proposed regulations set forth gain (or loss) computation rules,
basis determination rules and backup withholding rules applicable to digital
asset sale and exchange transactions and propose many useful definitions.

Written comments regarding the proposed regulations must be submitted by Oct.
30, 2023. A public hearing has been scheduled for Nov. 7, 2023, with a second
public hearing date for Nov. 8, 2023, if the number of requests to speak at the
hearing exceed the number that can be accommodated in one day.

Page Last Reviewed or Updated: 25-Aug-2023
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www.irs.gov Open in urlscan Pro
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