2019 IRS Crypto Tax Guidance is Subject to Change, GAO Warns

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The IRS’ guidelines on crypto tax reporting remain unclear, and may not be binding, per the analysis of the Government Accountability Office (GAO). Crypto Tax Reporting Guidelines Change Without Warning Reporting on ownership and gains from crypto assets remains unclear, as the IRS has not codified all of its opinions into Internal Revenue Bulletins. The guidelines on taxing digital assets from 2019, however, is not an official document, opening up problems of interpretation, reported Forbes. What is more, the guidelines remained uncertain until the last on the exact nature of digital assets. Only in the past week, the IRS once again edited its crypto tax guidelines to remove mentions of in-game tokens such as Robux and V-bucks. The IRS has not taken care to signify that its FAQ is not authoritative and is subject to change without warning, pointed out the GAO. The removal of in-game assets is one example…

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