The IRS said brokers generally must report digital asset sales for 2025 trades, but in most cases they do not need to report cost basis until 2026. According to ChainCatcher, taxpayers must still calculate gains and losses themselves, and they must report digital asset income and gains or losses even if they do not receive Form 1099-DA.

The first U.S. tax season using the new crypto asset 1099-DA reporting rules is also exposing data gaps for some investors. An August survey by Awaken Tax of 1,000 U.S. crypto investors found that 21% of respondents who had filed or planned to request an extension were still waiting for needed information from exchanges or crypto platforms, while about 20% said their 1099-DA forms were incomplete or they were unsure whether the forms accurately reflected their transactions.