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Can that Be True? Learn More about the Reporting and Taxation of Digital Assets

August 27, 2024 (3 min read)

For U.S. tax purposes, digital assets are considered property, not currency. A digital asset is stored electronically and can be bought, sold, owned, transferred, or traded. The tax definition of a digital asset is any digital representation of value recorded on a cryptographically secured, distributed ledger (blockchain) or similar technology, like convertible virtual currencies and cryptocurrencies such as Bitcoin, Stablecoins, and non-fungible tokens (NFTs). In July, IRS and Treasury issued final regulations on broker digital assets information reporting. Read this KPMG report to learn more.

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