What Does The Newly Signed Infrastructure Bill Mean For You And Your Cryptocurrency?
Recently, President Biden signed the $1.2 trillion Infrastructure Bill into law, which will invest in America's infrastructure. You might be thinking, "What does the Infrastructure Bill mean for my crypto?" The Infrastructure Bill does not contain much that affects taxes, but it does have a cryptocurrency provision if you are one of the millions who have jumped into the crypto investing craze.
The New Crypto Provision
The measure will not affect your taxes in 2021, and it will not take effect until 2023. However, beginning in 2023, the legislation would require brokers to record digital asset transactions to the Internal Revenue Service (IRS). It would also force companies to record cryptocurrency transactions worth more than $10,000, the cash transactions must be reported to the IRS.
Do I Still Have To Claim My Sales Transactions If I Sold Crypto in 2021 And My Broker Was Not Obligated To Record My Transactions?
Yes, the IRS continued to publish cryptocurrency guidelines, first in 2014 and then again in 2019. According to the IRS, cryptocurrency or virtual currency is classified as property for income tax purposes, therefore any gains or losses on cryptocurrency sales must be reported just like stock sales.
A Provision To Relieve Tax Debt?
No taxpayer in their right mind wants to be hit with that tax bill, especially if it tends to be a struggle to pay off. The tax credit will not be enough to satisfy any tax debts individuals and families may have with the IRS. But there is a new and improved relief program that consolidates many major relief programs into a one-size-fits-all assistance program. Any issues regarding back taxes, unfiled years, or any other tax-related problems may be solved through one program; the IRS Fresh Start Program!
See if you qualify for the Fresh Start Program today!
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