Crypto and Taxes: Playing by the New Rules 💼🪙
In 2025, centralized US exchanges like Coinbase and Gemini will start reporting customer transaction data to the IRS. 🕵️♂️
🔍 What does this mean?
1️⃣ Forget about anonymity — your transactions are now in plain sight of the tax authorities.
2️⃣ Exchanges will report profits and losses so the IRS can check whether you are paying taxes on crypto.
💡 What to do?
✔️ Be honest: include your transactions when filing your taxes.
✔️ Keep track of your transactions to avoid confusion.
✔️ When in doubt, consult a tax expert.
Main: Crypto taxes are not a death sentence, but a step towards legalizing the industry. The more transparency, the closer we are to mass recognition of cryptocurrencies. 🚀
How do you feel about such changes? Share your opinion! 🤔💬