New US crypto tax reporting rules: exchanges report transaction amounts, investors still must calculate gains and losses themselves

PANews reported on September 25, citing Cointelegraph, that the US Internal Revenue Service (IRS) stipulates that for 2025 transactions, brokers generally must report digital asset sales proceeds, but in most cases are not required to report cost basis, so taxpayers still need to calculate their own gains and losses; starting in 2026, brokers will be required to report cost basis for eligible digital assets. The IRS also stressed that even if a 1099-DA is not received, taxpayers must still report digital asset-related income and gains and losses.

In the first US tax season applying the crypto asset 1099-DA reporting rules, some investors are facing issues such as missing transaction data and difficulty reconciling cost basis. An Awaken Tax survey of 1,000 US crypto investors in August showed that 21% of respondents who had already filed taxes or planned to file for an extension said they were still waiting for exchanges or crypto platforms to provide the required information; another roughly 20% said their 1099-DA forms were incomplete, or they were unsure whether they accurately reflected their transactions.