The IRS is stepping up its scrutiny of cryptocurrency. If you've traded or sold crypto, answer "yes" to the "digital assets" question on your tax return. Holding crypto for over a year can qualify you for lower capital gains tax rates. However, reporting crypto taxes can be tricky due to inconsistent or missing forms. Use personal records and seek professional help if needed. The IRS plans to introduce a standardized reporting form for digital assets in 2025.
