The IRS already has your 2025 crypto transactions. Here’s what Form 1099-DA actually means for your taxes this year.
The IRS already has your 2025 crypto transactions. Here’s what Form 1099-DA actually means for your taxes this year.
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tldr; Crypto tax season 2026 introduces Form 1099-DA, requiring centralized exchanges to report gross proceeds from digital asset transactions directly to the IRS. This marks a shift in crypto taxation, with the IRS now holding transaction data before taxpayers file returns. Brokers are not yet required to report cost basis for 2025 transactions, leaving taxpayers responsible for accurate reporting. The IRS aims to build a comprehensive database of crypto activity, with enforcement consequences increasing annually. Taxpayers must reconcile their records to avoid discrepancies and penalties.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
This is why DeFi matters more now than ever. If you’re doing any meaningful yield farming or lending, centralized platforms are going to make your tax accounting a nightmare with 1099s.
Got mine from Gemini and they DID include all my cost basis without issue.
I couldn’t figure out how to get mine from Kraken. All they had was a csv that indicates short term capital gains. I bought in 2018, moved to ledger, moved back to kraken last year to sell. I have no idea how to get the long term capital gains.
What if you bought in 2024 or 25 but didn’t sell? Are you still required to report?