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ARTICLE · 26 NOVEMBER 2021

Infrastructure Legislation Expands US Tax Information Reporting To Cryptocurrency And Other Digital Assets

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Virtual currency and digital asset transactions are taxable in the same manner as other transactions in property.

United StatesTechnology
Jared Goldberger
Jared Goldberger
Nicholas Flatley
Nicholas Flatley
Amit S. Neuman
Amit S. Neuman
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Virtual currency and digital asset transactions are taxable in the same manner as other transactions in property. The Internal Revenue Service (the "IRS") believes, however, that taxpayers transacting in virtual currencies and other digital assets may not necessarily have reported those transactions on their tax returns. While other transactions in property, including the holding or sale of stock or a debt instrument, generally require that a broker or counterparty file an information report with the IRS, e.g., Form 1099-B, Form 1099-DIV, and Form 1099-INT, there was a lack of clarity and guidance regarding similar information reporting for cryptocurrency and other digital asset transactions. Congress sought to address this issue in the Infrastructure Investment and Jobs Act (the "Act"), which was signed into law by President Biden on November 15, 2021. The Act includes several provisions relating to tax information reporting of cryptocurrency and other digital

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