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💼 US crypto investors concerned about new IRS tax rules
An updated requirement for disclosing income from cryptocurrency transactions is coming into effect in the US.
Exchanges are required to report user transactions and income from trades – Form 1099-DA will now become the tax reporting standard for crypto traders and investors.
📌This means the IRS will have a more detailed view of digital asset trades – and profitable trades will no longer be overlooked.
🔎 US crypto investors and communities are expressing concerns:
— More data disclosure means more liability
— Questions about privacy and potential tax liabilities
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