In late June, the IRS issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. The regs require brokers to report certain sales that take place beginning in calendar year 2025. This will be done on Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The IRS has now issued a draft version of this form. IRS Commissioner Danny Werfel said the new form will “help us make sure digital assets are not used to hide taxable income, including in high-income categories, while providing taxpayers who play by the rules more information to accurately report their income.” Contact us with questions.
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