New Digital Asset Safe Harbor. Rev. Proc. 2024-28.

What's New?

The IRS has issued Revenue  Rev. Proc. 2024-28, which mandates a switch from universal cost basis tracking to per-wallet cost basis tracking for cryptocurrency starting January 1, 2025. While this change doesn't affect your 2024 taxes (due April 2025), it may be important to do so earlier as you prepare for any potential trading in tax year 2025.