Crypto taxpayers face 1099-DA gaps as first filing season exposes missing cost basis

  • Awaken Tax surveyed 1,000 U.S. crypto investors about the 2025 filing season.
  • 21% of extension filers were still waiting for exchange or platform information.
  • IRS basis reporting rules become mandatory for certain covered assets acquired after 2025.

The first U.S. filing season using Form 1099-DA is leaving some crypto taxpayers to reconcile incomplete forms and calculate cost basis themselves. Awaken Tax surveyed 1,000 U.S. crypto investors in August and found that 21% of respondents who had filed or planned to file an extension were still waiting for information from an exchange or crypto platform. About one in five in the same group received an incomplete form or was unsure whether it matched their trades. Brokers generally reported gross proceeds for covered 2025 transactions, but reporting cost basis was voluntary for that first year. Taxpayers must still report digital-asset income, gains and losses, even without a 1099-DA, and those with extensions have until Oct. 15 to file their federal returns. Tax professionals cited missing trades, inconsistent formats, late forms and differences between 1099-DAs and transaction histories. For 2026 transactions, basis reporting becomes mandatory for certain covered assets acquired in custodial broker accounts after 2025 and held there until sale, while other assets remain noncovered or subject to optional reporting methods.

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