Starting January 1, 2025, custodial brokers will begin collecting data for a new tax form called the 1099-DA. This initiative, part of the IRS's enhanced reporting framework, means that every trade you make on centralized exchanges like Coinbase and Kraken will be tracked closely. By aligning crypto transactions with traditional reporting practices, the IRS aims to simplify oversight and compliance for taxpayers.
New IRS 1099-DA Form Changes Crypto Tax Reporting
Beginning January 2025, custodial brokers must issue a new tax form for crypto transactions, enhancing IRS oversight.
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