Reporting Proceeds From Certain Digital Asset Transactions

Proceeds from certain digital asset transactions will be sent to taxpayers in early 2026 but there are steps that can be taken now to get ready.

The new Form 1099-DA PDF is used by brokers to report certain transactions involving digital assets that took place beginning in calendar year 2025. Brokers will need to provide a statement reflecting the information reported to the IRS on Form 1099-DA to taxpayers by Feb. 17.

Most of these statements will not provide the basis of the taxpayers’ digital asset transaction(s) for the 2025 tax year. Basis must be calculated by taxpayers before their 2025 tax return can be filed.

It is important that taxpayers keep detailed recordkeeping for reporting the basis. Decentralized Finance (DeFi) brokers and some foreign brokers are not required to file a Form 1099-DA with the IRS or furnish a statement to taxpayers showing their digital asset transaction(s). But it is still the responsibility of the taxpayer to report the transactions.

Contact Ragasa Tax Service to assist you with your taxes.

Email: RagasaTaxService@gmail.com

Phone: (808)677-9809

To schedule an appointment: https://calendly.com/ragasataxservice

(Source: https://www.irs.gov/newsroom/tax-professionals-can-prepare-now-to-assist-their-clients-with-reporting-proceeds-from-certain-digital-asset-transactions)