Many crypto investors’ transactions this year will be reported to the IRS for first time
CNN
In the next few months, most Americans will be focused on getting their tax documents together to complete their 2024 returns.
In the next few months, most Americans will be focused on getting their tax documents together to complete their 2024 returns. But for anyone who buys and sells digital assets like bitcoin, it is worth knowing that 2025 will mark the first tax year that your crypto transactions will be subject to third-party reporting requirements — meaning information on them will be sent to the IRS — if your transactions are conducted in a custodial account on a centralized crypto trading platform, such as Coinbase or Gemini. The companies that will be on the hook to provide the reporting are “brokers who take possession of the digital assets being sold by their customers. These brokers include operators of custodial digital asset trading platforms, certain digital asset hosted wallet providers, digital asset kiosks, and certain processors of digital asset payments (PDAPs),” the IRS noted on its site. The broker will maintain information on your purchases and sales of crypto in your account throughout the year and report it on a new form — the 1099-DA. Once complete, that form will be sent to you and the IRS in early 2026. Just like information from other 1099 forms you may get — e.g., for your dividend and interest income, or for your capital gains and losses — information from the 1099-DA must be included on your 2025 income tax return, which you’d file next year. If you don’t include it, the IRS will notice because it will have the information in hand and use it to assess your tax obligation. When it comes to cost basis — which is the price at which you buy a crypto asset and is used to determine your taxable gains, if any, when you sell it — brokers actually won’t have to report your cost basis information until tax year 2026, said Jessalyn Dean, vice president of tax information at Ledgible, a crypto tax software provider.
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In the next few months, most Americans will be focused on getting their tax documents together to complete their 2024 returns.
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