Definition ∞ IRS Tax Guidance refers to official pronouncements and publications issued by the Internal Revenue Service concerning the tax treatment of various financial activities. For digital assets, this guidance provides instructions on reporting income, gains, and losses from cryptocurrency transactions. It helps individuals and businesses comply with federal tax laws. Adhering to this guidance is mandatory for taxpayers in the United States.
Context ∞ IRS Tax Guidance on digital assets is continually evolving, reflecting the rapid pace of innovation in the crypto space. Current discussions address ambiguities in the taxation of specific decentralized finance activities and non-fungible tokens. Future updates are anticipated to clarify reporting requirements for staking rewards, airdrops, and other complex digital asset transactions.
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