On Apr. 22, US IRS proposed information collection on broker form.
US IRS proposed new information collection on Form 1099-DA used by brokers to report proceed from digital assets dispositions to taxpayers and to the US IRS.
Proposed Collection
Form 1099-DA is used by brokers to report proceeds from digital asset dispositions.
Taxpayers may be required to recognize gain from these dispositions of digital assets.
Reporting required when brokers know or have reason to know that corporation in which taxpayer owns digital assets, that is also stock, has had a reportable change.
Taxpayers may be required to recognize gain from receipt of cash, services, digital assets, or other property exchanged for digital asset that is also corporation's stock.
Consultation
Written comments should be received on or before Jun. 21, 2024.
