U.S. crypto tax reporting enters its first filing season; 2025 cost basis must still be calculated by taxpayers themselves
BIBIBI
AT A GLANCE
U.S. crypto brokers have begun reporting certain sales proceeds under new rules, but taxpayers often still need to calculate cost basis and actual gains and losses themselves.
Article
U.S. crypto tax reporting enters its first filing season: trading platforms report transaction amounts, while cost basis must still be calculated by taxpayers themselves
According to BlockBeats news,September 25, U.S. cryptocurrency brokers are for the first time reporting certain digital asset sales proceeds to IRS, but in 2025 they generally only need to report proceeds from sales, not cost basis, leaving taxpayers to calculate their actual gains and losses themselves.
An Awaken Tax August of 1000 U.S. crypto investors found that 21%of respondents who had filed their taxes or requested an extension were still waiting for exchanges to provide the required information, while approximately 20%said that the information on the 1099-DA form they received was incomplete or could not be verified for accuracy.
Tax professionals noted that transfers across trading platforms and wallets, as well as active trading, further complicate cost-basis tracking, and some users'1099-DA also differ from their actual transaction records. 2026 Beginning in, brokers generally must report cost basis for eligible digital assets, but assets transferred in from other exchanges or wallets may still fall outside this requirement.
Original link https://m.theblockbeats.info/flash/369018
Key points
01
BlockBeats stated that U.S. cryptocurrency brokers are for the first time reporting certain digital asset sales proceeds to IRS.
02
2025 In, brokers generally only need to report proceeds from sales, not cost basis.
03
Awaken Tax August A survey of 1000 U.S. crypto investors found that 21%of respondents who had filed their taxes or requested an extension were still waiting for exchanges to provide the required information.
04
Approximately 20%of other respondents in the survey said that the 1099-DA form they received contained incomplete information or could not be verified for accuracy.
05
Tax professionals noted that transfers across trading platforms and wallets, as well as active trading, increase the difficulty of tracking cost basis, and some users'1099-DA differ from their actual transaction records.
06
2026 Beginning in, brokers generally must report cost basis for eligible digital assets, but assets transferred in from other exchanges or wallets may still fall outside the requirement.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Trading platforms may currently only tell IRS users how much they sold, without necessarily also providing the acquisition cost of those assets. Taxpayers must therefore still calculate actual gains and losses using their own transaction records; transfers across platforms or wallets make matching records more difficult.
Why it matters to readers
Missing, incomplete, or inconsistent cost-basis information may increase the work required for taxpayers to calculate gains and losses, reconcile forms, and complete their filings.
If using multiple trading platforms or wallets, pay attention to whether transaction records and 1099-DA information are complete and consistent, as the material indicates that some cost data must still be calculated independently.
Risks and unknowns
The material is a BlockBeats account and does not include IRS original rule document; the specific applicability conditions cannot be independently verified from the available evidence.
The material does not provide the original Awaken Tax survey report; the sampling method and survey details are unknown.
The article refers only to “certain digital assets,” “generally,” and “eligible,” without specifying the full scope of application.
1099-DA The overall scale of missing or inconsistent information cannot be confirmed from this survey alone.
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Proceeds from sales
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