U.S. crypto investors are going through the first tax season tied to the new Form 1099-DA reporting framework, and a notable share are still missing key records needed to file. According to an August survey by Awaken Tax of 1,000 U.S. crypto investors, 21% of respondents who had already filed or planned to request an extension said they were still waiting for required information from exchanges or other crypto platforms. About 20% said the information on their 1099-DA forms was incomplete, or they were unsure whether it accurately reflected their trading activity.
The Internal Revenue Service said brokers generally must report gross proceeds from digital asset sales for 2025 transactions, but in most cases do not yet need to report cost basis. That means taxpayers still have to calculate gains and losses on their own. Reporting of cost basis for eligible digital assets is scheduled to begin in 2026. The IRS also said taxpayers must still report digital asset income and gains or losses even if they do not receive a 1099-DA form.
U.S. taxpayers are entering the first filing season under the crypto-focused Form 1099-DA rules, and some investors are running into missing transaction records and difficulty verifying cost basis.
An August survey by Awaken Tax of 1,000 U.S. crypto investors found that 21% of respondents who had already filed or planned to request an extension were still waiting for needed information from exchanges or crypto platforms. Another roughly 20% said the information on their 1099-DA forms was incomplete, or that they were unsure whether the forms accurately reflected their transactions.
The Internal Revenue Service said brokers generally must report proceeds from digital asset sales tied to 2025 transactions, but in most cases are not yet required to report cost basis. Taxpayers therefore still need to calculate gains and losses themselves. Starting in 2026, brokers will need to report cost basis for eligible digital assets.
The IRS also said taxpayers must report digital asset income and related gains or losses even if they do not receive a 1099-DA form.
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