The Internal Revenue Service (IRS) recently issued Notice 2025-7 on December 31, 2024, providing temporary relief for taxpayers who sell, dispose of, or transfer digital assets held in the custody of brokers. This notice addresses challenges taxpayers face in adequately identifying specific units of digital assets during sales, dispositions, or transfers, particularly when brokers lack the necessary technology to process such identifications. The Notice applies to sales, dispositions, or transfers that occur between January 1 and December 31, 2025.
For more information, please contact Philipp Behrendt at behrendt@taxlitigator.com
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