What are the key changes in the 2024 crypto tax law?

1 answers

• Mar 19, 2022 · 3 years ago
  The 2024 crypto tax law has introduced some important changes that will impact cryptocurrency investors and traders. One of the key changes is the inclusion of crypto-to-crypto transactions as taxable events. This means that if you trade one cryptocurrency for another, you may be subject to capital gains tax. It's no longer just about converting to fiat currency. Additionally, exchanges and wallets are now required to provide transaction data to tax authorities, which increases the transparency of crypto transactions. It's crucial for individuals to understand and comply with these changes to ensure accurate reporting and avoid any potential penalties.
  660330