{"id":34466,"date":"2025-01-31T22:00:05","date_gmt":"2025-02-01T03:00:05","guid":{"rendered":"https:\/\/futbolete.com\/us\/?p=34466"},"modified":"2025-01-31T22:00:05","modified_gmt":"2025-02-01T03:00:05","slug":"irs-digital-asset-reporting","status":"publish","type":"post","link":"https:\/\/futbolete.com\/us\/irs-digital-asset-reporting\/","title":{"rendered":"IRS informs taxpayers of what they need to know about digital asset reporting"},"content":{"rendered":"<p>The <strong>IRS<\/strong> wants to help taxpayers learn about the <strong>digital asset reporting<\/strong> and<strong> tax requirements<\/strong> they may have. Do not forget to report any digital assets you may have received.<\/p>\n<p>These <strong>digital assets<\/strong> could come in the form of an award, reward, or <strong>payment<\/strong> for services or property or disposed of any digital asset that was in the form of a capital asset through<strong> transfer, exchange, or sale<\/strong>.<\/p>\n<h2>IRS reminds taxpayers of what digital assets are<\/h2>\n<p>According to the<strong> Internal Revenue Service<\/strong>, a digital asset is a digital representation of value that is recorded on a distributed ledger, cryptographically secured, or any related technology.<\/p>\n<p>Therefore, digital assets have to do with non-fungible tokens, stablecoins, cryptocurrency, and virtual currency. The <strong>IRS<\/strong> has provided a full list of examples of digital assets:<\/p>\n<ul>\n<li>Trade or exchange of digital assets for another digital asset<\/li>\n<li>Exchange of digital assets for property, goods, or services<\/li>\n<li>Receipt of new digital assets due to a hard fork<\/li>\n<li>Receipt of new digital assets due to staking and mining activities<\/li>\n<li>Sale of digital assets<\/li>\n<li>Receipt of digital assets as payment for services or goods<\/li>\n<\/ul>\n<h2>How to report digital assets transactions to the IRS<\/h2>\n<p>Do not forget to report any digital assets transactions to the <strong>IRS<\/strong>. The best way to do so will be to use <strong>Form 8949<\/strong>. This form is the Sales and other Dispositions of Capital Assets.<\/p>\n<p>The <strong>Form 8949<\/strong> will be useful to calculate a capital gain or loss to report it on <strong>Schedule D<\/strong> (Form 1040), <strong>Capital Gains and Losses<\/strong>. Sometimes the transaction was a gift.<\/p>\n<p>If so, the <strong>IRS<\/strong> claims that you should file <strong>Form 709, United States Gift<\/strong> (and Generation-Skipping Transfer) Tax Return. It is always advisable to hire a professional to help you deal with your digital assets if you do not know how to report them. For more information, visit the source: https:\/\/www.irs.gov\/newsroom\/what-taxpayers-need-to-know-about-digital-asset-reporting-and-tax-requirements<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IRS wants to help taxpayers learn about the digital asset reporting and tax requirements they may have. Do not forget to report any digital assets you may have received. &#8230; <a title=\"IRS informs taxpayers of what they need to know about digital asset reporting\" class=\"read-more\" href=\"https:\/\/futbolete.com\/us\/irs-digital-asset-reporting\/\" aria-label=\"Read more about IRS informs taxpayers of what they need to know about digital asset reporting\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":34470,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[44,45],"class_list":["post-34466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-irs","tag-tax"],"_links":{"self":[{"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/posts\/34466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/comments?post=34466"}],"version-history":[{"count":0,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/posts\/34466\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/media\/34470"}],"wp:attachment":[{"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/media?parent=34466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/categories?post=34466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/futbolete.com\/us\/wp-json\/wp\/v2\/tags?post=34466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}