DeFi’s Harvest Hit, IRS’ Crypto Clarification, JPMorgan’s Buoyant Bitcoin Note

[Cinno3]

The IRS has clarified some questions around crypto disclosures for the upcoming tax season. A popular DeFi application appears to have been attacked. JPMorgan analysts see “considerable” upsides to bitcoin.

Top shelf
Crypto guidance
The U.S. Internal Revenue Service has clarified that simply holding cryptocurrencies does not need to be disclosed. A published set of draft instructions for this year’s 1040 tax form spells out that returnees must disclose any crypto sales, exchanges for goods or services, or exchanges for property (including other crypto assets). Respondents must also reveal if they received any cryptocurrency for free, including via airdrops or hard forks. “The draft is likely to stand unless there are ‘unexpected issues’ or new legislation requiring changes, the IRS said in the document,” CoinDesk’s Daniel Palmer reports.
More: https://www.coindesk.com/defi-harvest-irs-crypto-jpmorgan-bitcoin