IRS Releases Draft Of New Crypto Tax Form Used To Report Transactions

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The IRS has released a draft of Form 1099-DA, Digital Asset Proceeds From Broker Transaction. The form is the next step in the agency’s efforts to bolster crypto tax reporting and follows proposed regulations published last year. The IRS has offered a glimpse of the future of crypto reporting. The agency has released a draft of Form 1099-DA, Digital Asset Proceeds From Broker Transaction, now available on the IRS website.

The form is the next step in the agency’s efforts to bolster crypto tax reporting and follows proposed regulations published last year. The proposed regulations would, among other things, require brokers to report customers’ sales and exchanges of digital assets. Those transactions would be reported to the IRS on the new Form 1099-DA.

Under the proposed regulations, brokers, including digital asset trading platforms, digital asset payment processors and certain digital asset hosted wallet providers, would be required to report sales or exchanges of digital assets on or after January 1, 2025, on the form….Story continues…

By: Kelly Phillips Erb

Source: IRS Releases Draft Of New Crypto Tax Form Used To Report Transactions

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