EYUS: Senate-passed infrastructure bill would impose information-reporting requirements on sales of cryptocurrency and other digital assets
|Tax Alerts, National/Federal Taxation, A ...|United States
Executive summary
Cryptocurrency and other "digital assets" sold by customers of "brokers" would be subject to Form 1099-B reporting and cost-basis reporting if the Infrastructure Investment and Jobs Act (the bill) becomes law. The bill, which passed the Senate on 10 August 2021, would amend the Internal Revenue Code1 to:
- Expand the definition of a broker
- Define "digital assets"
- Apply the cost-ba…
