Will New Tax Rules Hinder or Help Cryptocurrency Investors?
Tax changes are coming for crypto investors. Last month, President Biden signed the U.S. infrastructure bill into law. Among a long list of provisions, the new law includes some key tax reporting changes that will impact crypto investors and brokers. For example, under the new law, all cryptocurrency exchanges will be viewed as traditional brokers for the purposes of taxation. In addition, digital assets totaling $10,000 or above will be viewed as cash for the purposes of taxation.
In this segment of Backstage Pass, recorded on Nov. 17, Fool contributors Connor Allen, Travis Hoium, and Rachel Warren discuss the impact of tightened regulations on crypto investors, as well as recent clamp-downs by China on the crypto community.
Source Fool.com
