New U.S. crypto tax filing regulations: exchanges report transaction amounts, investors still need to calculate their own profits and losses

PANews reported on September 25 that according to Cointelegraph, the U.S. Internal Revenue Service (IRS) stipulates that for transactions in 2025, brokerages usually need to declare digital asset sales income, but in most cases there is no need to declare the cost basis, and taxpayers still need to calculate their own profits and losses; starting from 2026, brokerages will only need to declare the cost basis for eligible digital assets. The IRS also emphasizes that even if a 1099-DA is not received, taxpayers must still declare digital asset-related income and profits and losses.

During the tax filing season when the 1099-DA reporting rules for crypto assets are applied for the first time in the United States, some investors are facing problems such as missing transaction data and difficulty in verifying the cost basis. Awaken Tax's August survey of 1,000 U.S. crypto investors showed that 21% of respondents who had filed taxes or planned to apply for an extension said they were still waiting for exchanges or crypto platforms to provide the required information; another about 20% said their 1099-DA form information was incomplete or unsure whether it accurately reflected the transaction.