CryptoCurrency Owners Must Report To IRS Under New Law Debated in Congress

If you own Bitcoin, Ethereum, Dogecoin or another cryptocurrency and you “stake” it or “mine” or “validate” coins, you could be subject to new IRS reporting requirements under the $1.2 billion infrastructure bill the Senate Is scheduled to vote.

This would be in addition to existing taxes on gains on crypto when you sell or use it for any purchases.

The Biden Administration supports the bill. If the Senate approves the bill, it will then go back to the House for reconciliation.

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