The way that you report your cryptocurrency activity may be changing. This tax year introduces a new IRS tax form 1099-DA Digital Asset Proceeds From Broker Transactions.
IRS Form 1099-DA is required to be filed by brokers dealing with digital assets like cryptocurrency and NFTs (non-fungible tokens). Brokers, digital trading platforms, payment processors, and hosted wallet providers have to issue this form for all digital asset sales or exchanges starting from January 1, 2025.
IRS Form 1099-DA will be used by brokers to report proceeds from (and in some cases, basis for) digital asset dispositions to you and the IRS.
For your 2025 tax return, the IRS form 1099-DA will report the following transactions:
Disposed, sold, exchanged or transferred ownership of digital assets:
- For another digital asset
- For U.S. dollars or other currency
- In exchange or trade for property, goods or services in any amount
- To pay for broker transaction costs with digital assets
Use IRS form 1099-DA and your other records to report your income on your tax return.
You must calculate basis before you file your tax return.
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