With the rise of digital assets like cryptocurrencies and NFTs, the IRS has introduced Form 1099-DA to ensure proper reporting and taxation of these transactions. This form is a crucial development for both digital asset brokers and taxpayers involved in the digital economy.
1099-DA
Digital Asset Proceeds From Broker Transactions
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1099-DA
As the use of digital assets like cryptocurrencies and non-fungible tokens (NFTs) continues to grow, so does the need for clear tax reporting guidelines. To address this, the IRS has introduced Form 1099-DA (Digital Asset Proceeds From Broker Transactions), which will be required starting in 2025. This form is designed to improve the accuracy and compliance of tax reporting for digital asset transactions. Read More >
1099-DA Filing Deadline
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Understanding Form 1099-DA
Who Needs to File?
Form 1099-DA is a new IRS form that will be required starting in 2025. It is specifically for reporting transactions involving digital assets, such as cryptocurrencies and non-fungible tokens (NFTs).
Those that need to file include digital asset brokers, including digital asset trading platforms, payment processors, hosted wallets, and others that trade digital assets to report digital asset transactions. Reporting starts in 2025, with filings due in 2026.
Filing Deadlines
Learn More About Filing 1099-DA Forms
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