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Home»Taxes & Regulation»Staying Ahead of the New Rules
Taxes & Regulation

Staying Ahead of the New Rules

January 25, 2025No Comments2 Mins Read
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Tax. It’s a word that can often bring a sense of dread, but it’s also one that shouldn’t be overlooked. Especially when it comes to cryptocurrencies like Bitcoin (BTC), which hit $100,000 for the first time in December 2024. If you’re planning to cash in on your crypto profits, it’s crucial to understand the tax implications.

Long-term Bitcoin holders have seen significant gains, with many now sitting on profits that far exceed their initial investment. However, tax authorities around the world are becoming increasingly adept at tracking these gains. The days of flying under the radar with crypto profits are long gone.

For example, the United States Internal Revenue Service (IRS) recently implemented a new rule that requires investors to use wallet-based cost tracking for crypto assets starting in 2025. This means that each wallet or account must be treated as its own separate ledger when calculating taxes, limiting investors on what counts as their cost-basis for sold assets.

As a crypto tax software platform, Koinly has had to adapt quickly to these changes in order to support investors using their platform. They have introduced updates that allow users to adjust their cost-basis settings from a certain date without affecting previous tax calculations.

It’s possible that other countries may follow the IRS’s lead in the future. Countries like Australia, the United Kingdom, and Ireland have similar tax treatments for cryptocurrencies and could potentially implement wallet-tracking rules like the IRS. This trend of adopting tax rules from other countries is not new, as seen with countries like Germany and Malta taxing short-term crypto gains while leaving long-term gains tax-free.

See also  Donald Trump’s Cryptocurrency Dinner is About to Start – Here’s All You Need to Know and Key Times

As the popularity of crypto continues to grow globally, staying informed about tax laws in different countries is becoming increasingly important. It’s likely that we will see more changes in how governments handle crypto taxes in the coming years. So, if you’re planning to cash in on your crypto profits, make sure you’re up to date on the tax implications to avoid any surprises come tax season.

Ahead Rules Staying
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