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Your broker may be reporting your cryptocurrency transactions in a new format.
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 transactions where you disposed, sold, exchanged or transferred ownership of digital assets:
Use IRS form 1099-DA and your other records to report your income on your tax return. You may need to calculate basis before you file your tax return.
Thanks for your helpful response. I have learned that the crypto platform simply has not sent out their tax documents yet. They have until mid-February to do so.
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