Crypto Transactions to Face Third-Party IRS Reporting in 2025
For the first time, crypto transactions conducted on centralized platforms like Coinbase and Gemini will be reported to the IRS through the new 1099-DA form, starting with the 2025 tax year. This reporting includes details of purchases and sales but excludes cost basis information until 2026
These changes aim to improve tax compliance and remind crypto investors of their tax obligations.