Course: Proposed Rule on Profits and Related Basis Adjustments based on this document from the Federal Register: https://www.govinfo.gov/content/pkg/FR-2024-12-02/pdf/2024-27227.pdf This document contains proposed regulations regarding previously taxed earnings and...
Gross Proceeds and Basis Reporting for Digital Asset Sales
This course provides in-depth insights into the final regulations on digital asset transactions, detailing broker obligations for information reporting. Brokers will learn the essentials of filing information returns and furnishing payee statements for sales and exchanges of digital assets. Real estate professionals will gain clarity on reporting duties when digital assets are utilized in property acquisitions, ensuring they meet compliance requirements effectively.
In this course you will learn the following:
* Understand the background and purpose of the final regulations.
* Identify which dispositions of digital assets are subject to reporting.
* Learn about the definition of digital assets and the different types of digital assets.
* Understand the responsibilities of brokers and real estate reporting persons.
* Learn about the reporting requirements for dual classification assets.
* Learn about the optional reporting methods for certain qualifying stablecoins and specified NFTs.
* Understand the rules for determining gross proceeds and adjusted basis.
* Recognize the consequences of non-compliance.
Additional information
| Federal Register Title | Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realized and Basis for Digital Asset Transactions. Document Number: 2024-14004 |
|---|---|
| Course SKU | FR-24-891-1 |
| Why This Course Is Important | Without this course, brokers and real estate professionals risk non-compliance, potential penalties, and the inability to navigate the complex digital asset reporting landscape, which could impact their operations and client trust. |