IRS Finalizes Crypto Tax Reporting Rules for Brokers

New regulations require detailed reporting on digital asset transactions starting in 2025, with phased implementation and penalty relief.

Brokers must report gross proceeds from digital asset sales beginning January 2025.
Tax basis reporting for certain digital assets will start in 2026.
Real estate transactions involving digital assets will need reporting from 2026.
Non-custodial brokers will have separate rules issued later in the year.
Temporary relief from penalties is provided for 2025 transactions with good faith filing efforts.