IRS DELAYS CRYPTO TAX REPORTING (Eruption Market Report 1-3-25)

The Internal Revenue Service (IRS) has announced a temporary reprieve for crypto investors regarding new reporting rules that would have mandated a default accounting method for crypto transactions on centralized exchanges.

This change, initially set to take effect in 2024, would have forced investors to use the FIFO (First In, First Out) method to calculate capital gains unless they opted for a different accounting method.

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Here is a good overview of the current crypto tax laws

ALSO -  AS PREDICTED - THE TETHER FUD FROM LAST WEEK AS A LOCAL BOTTOM SIGNAL.

Read the full Eruptions Market Report here