IRS official: crypto tax guidance may be available 'within 12 months'

04/29 06:31

According to a report by CoinDesk on 29 April, Julie Foerster, head of cryptocurrency taxation at the US Internal Revenue Service (IRS), said that the IRS is looking to release crypto tax guidance "within 12 months". She also said that the IRS is planning to change its view of cryptocurrencies and wants to work more with the industry. For now, the IRS considers cryptocurrencies to be convertible virtual assets that can be used as a means of payment for goods and services, traded digitally between users and exchanged for other currencies. While not considered legal tender, cryptocurrencies are considered property for federal tax purposes and therefore users must report their digital asset activity on their tax returns. foerster stressed that digital assets are constantly evolving and that there needs to be greater communication between the IRS and the crypto community. In particular, she urged people to comment on a proposal to tax NFT published in March, with public consultation due to close on 9 June.
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