New Crypto Tax Rules 2025: IRS Revenue Procedure 2024-28

The IRS's Revenue Procedure 2024-28 introduces significant changes to crypto tax reporting, requiring wallet-specific basis tracking starting January 2025. In this TNF Takes episode, Noah Buxton and Nick Ward, CPA, break down what this means for individuals and businesses. Learn how this "safe harbor" rule could simplify—or complicate—tax compliance, and get practical tips for year-end cleanup to stay audit-ready. Don't miss insights on historical IRS guidance, specific identification methods, and the upcoming 1099-DA forms that will change how exchanges report your transactions. Stay ahead in crypto tax compliance!

Get ahead of the curve with practical tips, examples, and expert insights. Download the latest Degen's Digest to navigate the crypto tax maze: https://www.thenetworkfirm.com/crypto...

Timestamps:
0:00 - Intro to IRS Revenue Procedure 2024-28
1:20 - Why this matters: new safe harbor rules
3:11 - How IRS administrative rules stay relevant
5:03 - Key topics covered in this episode
6:34 - Wallet-specific tracking explained
7:40 - Real-world example of wallet accounting
8:38 - Background: IRS crypto tax rules from 2014-2019
12:40 - Broker-dealer regulations and 1099-DA reporting
18:46 - Defining key terms: safe harbor, unused basis, FIFO
26:11 - Practical steps: reconciliation and wallet cleanup
30:45 - Year-end strategies for reducing tax liabilities

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