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A Cryptocurrency Tax to Pay for Bridges
A quick look at the infrastructure bill’s effect on taxes and cryptocurrency
It’s official. President Biden signed into law the new Infrastructure bill (technically known as the Infrastructure Investment and Jobs Act). It does stuff a bunch of stuff that I’m sure someone cares about.
For me, though, all I care about are the taxes.
The most interesting one here is relate to cryptocurrency. Let’s dive in.
Crypto Users, You’ve Been Caught!
Good news to those worried that your bitcoins and dog monies being subject to an additional tax: you’re off the hook.
The bad news? New reporting requirements!
Worse yet, it’s still hard to know exactly what that means.
Here’s the known, though: the law adds language changes to two tax code sections with the intention of catching “tax cheats.” Or, barring that, penalizing those who haven’t hired a good accountant.
Change #1 — The Brokers
If you’ve ever had a brokerage firm handle your stock investments, you’re likely familiar with the 1099 they sent to you at the end of the year.
