Most of us know that the Infrastructure Investment and Jobs Act (IIJA, part of the Build Back Better Plan), signed by President Biden on Nov 15, 2021, has expanded the definition of "broker" in a way that might target miners, stakers, and DeFi platforms.
Some of us may know that it has also criminalized as a felony not reporting receipt of over $10k worth of digital assets within 15 days.
But there are three more important changes that apply to crypto [1][2][3], which I haven't seen discussed at all on this sub:
- Exchanges will have to report to the IRS transfers to wallets (and to any address that's not another exchange) [discussion]
- You'll no longer be allowed to close a losing position and claim the capital loss, if you reopen it within 30 days. This means the "wash sale" rule now applies to crypto, which is a problem for "gateway" coins like BTC and ETH, which are used to access many other protocols, not necessarily as investments. [discussion]
- Exchanges will have to explicitly demand your SSN, address, and other information via forms W-9, even if you're a grandfathered customer without these details on file. [discussion]
Which of these changes did you guys know about? Here's a one-question poll.
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