Over Half of U.S. Crypto Investors Fear IRS Penalties Under New Tax Rules
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Summary
A new survey by Awaken Tax reveals that over 50% of U.S. crypto investors fear IRS penalties under the new cryptocurrency regulations. The IRS now requires brokers to report all digital asset transactions using Form 1099-DA. As the number of new token listings increases, the IRS will cross-reference exchange data with tax filings. Brokers can only report sale proceeds, not cost basis, requiring taxpayers to complete Form 8949. Crypto tax compliance remains below 20%.
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