Mass Confusion around 2025 Tax Rules: Avoid Crypto Tax Landmines

Don’t let crypto compliance challenges derail your financial plans. Stay proactive by organizing your wallets and engaging tax professionals. Visit https://www.thenetworkfirm.com/ to learn how we can help. Schedule a call today!


✅Wallet-Specific Tracking is Here: Starting January 1, 2025, taxpayers must track crypto transactions by wallet and account.
✅Broker Reporting Delayed: Exchanges are not required to report gross proceeds until 2026, and cost basis reporting starts in 2027.
✅Organize Early: Safe harbor provisions for cleanup expired December 31, 2024, but it’s still essential to organize old wallet data.
✅Professional Help Matters: Leveraging crypto tax experts and software is key to staying compliant.

0:00 – Introduction: IRS compliance changes and their impact.
1:13 – Confusion surrounding new rules and recent IRS announcements.
2:34 – Overview of revenue procedure 2024-28 and wallet-specific tracking.
6:13 – Broker reporting requirements: What was expected and what’s delayed.
10:49 – Implications of reporting delays and future requirements for exchanges.
15:01 – Challenges for individuals with complex crypto holdings.
18:12 – Recap and key strategies for taxpayers and brokers.

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