)
or https:// means you've safely connected to the .gov website. Share sensitive information only on official, secure websites.
On page 2, the last bullet under “Sale” is revised as follows.
- For brokers that are processors of digital asset payments, the payment of a digital asset by one party to a processor of digital asset payments in return for the payment of that digital asset, cash, or a different digital asset to a second party (PDAP sale). See De minimis rule for PDAP sales, later.
After the text under “Specified NFT” (which starts on page 2 and continues on page 3), the following new section is added.
De minimis rules for certain sales. A broker is not required to report sales of digital assets on Form 1099-DA if the sales fall within the following de minimis exceptions.
De minimis rule for PDAP sales. A broker that is a processor of digital asset payments is not required to report PDAP sales effected for a customer if those PDAP sales are less than or equal to $600 for the year. However, if a customer's PDAP sales exceed $600 for the year, all of that customer's sales must be reported. In determining if the $600 de minimis threshold has been met, the broker should not include any sales that are excluded from reporting under the optional reporting methods for qualifying stablecoins or for specified NFTs. Accordingly, a broker that is a processor of digital asset payments may apply the optional reporting rules for qualifying stablecoins and for specified NFTs first, and then determine whether the remaining sales of digital assets exceed the $600 de minimis threshold. See Regulations section 1.6045-1(d)(2)(i)(C).
De minimis rule for qualifying stablecoin sales. A broker reporting under the optional reporting method for qualifying stablecoins is not required to report designated sales of qualifying stablecoins if the customer's aggregate gross proceeds (after reduction for the allocable digital asset transaction costs) from all designated sales of qualifying stablecoins effected by that broker do not exceed $10,000 for the year. See Regulations section 1.6045-1(d)(10)(i).
De minimis rule for specified NFTs. A broker reporting sales of specified NFTs using the optional reporting method for specified NFTs is not required to report sales of specified NFTs if the customer's aggregate gross proceeds (after reduction for the allocable digital asset transaction costs) from all sales of specified NFTs do not exceed $600 for the year. See Regulations section 1.6045-1(d)(10)(iii)(B).
On page 3, the first two paragraphs under “Optional reporting methods” are revised as follows.
Optional reporting methods. A broker reporting sales of qualifying stablecoins using the optional reporting method for qualifying stablecoins is not required to report non-designated sales of qualifying stablecoins. In addition, if a broker is using the optional reporting method for designated sales of qualifying stablecoins and the customer's aggregate gross proceeds from all designated sales of qualifying stablecoins effected by that broker exceed the $10,000 de minimis rule for the year, the broker must report a customer’s aggregate designated sale transactions for each type of qualifying stablecoin on a separate Form 1099-DA. See De minimis rule for qualifying stablecoin sales, earlier. For example, if the broker effects designated sales of Qualifying Stablecoin A and Qualifying Stablecoin B for a customer and the aggregate gross proceeds of those sales exceed $10,000, the broker must report the customer's designated sales of Qualifying Stablecoin A on one Form 1099-DA and the customer's designated sales of Qualifying Stablecoin B on a separate Form 1099-DA.
If a broker is using the optional reporting method for sales of specified NFTs and the $600 de minimis rule for such sales does not apply, the broker must report all of a customer's specified NFT transactions together on a single Form 1099-DA. See De minimis rule for specified NFTs, earlier.