Digital asset safe harbor — Rev. Proc. 2024-28 FAQs

IRS Rev. Proc. 2024-28 provides guidance on transitioning from universal basis tracking for holders of digital assets. Universal basis was previously allowed by IRS frequently asked questions (FAQs), but final regulations require the use of global allocation or specific identification for determining the cost basis of digital assets. The revenue procedure provides a safe harbor deadline of Jan. 1, 2025, to make a reasonable allocation of any unused basis in digital assets.