IRS Notice: Alternative Method for Identifying Digital Assets in Brokerage Transactions (IRC §1012)

The IRS published a notice allowing taxpayers to use certain alternative methods for making an adequate identification of digital assets held in the custody of a broker that are sold, disposed of, or transferred during the relief period specified in the notice. The notice provides that in the case of the sale, exchange, or other disposition of a specified security on or after the applicable date, the conventions prescribed by regulations under I.R.C. §1012(c)(3) must be applied on an account-by-account basis. [Notice 2025-7 (Dec. 31, 2024)]

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