“Form 1099-DA is an IRS information return used by certain brokers to report digital asset transactions, including reportable cryptocurrency sales and exchanges.
Camuso CPA · 1099 da compliance
camusocpa.com
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“Not always.
“A Form 1099-DA may report gross proceeds without basis because the transaction occurred before covered-basis reporting began, the asset is noncovered, or the broker does not have the required acquisition information.
“Compare the form against your exchange statements, transaction history, wallet records, and existing tax-lot accounting.
“Differences between broker-reported information and a tax return may require explanation or supporting documentation.
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Information from this source
What is Form 1099-DA, and when does it apply?
View in the company profile“Form 1099-DA is an IRS information return used by certain brokers to report digital asset transactions, including reportable cryptocurrency sales and exchanges. Broker reporting generally began for transactions occurring in 2025, with forms furnished in 2026.”
Does Form 1099-DA report my cryptocurrency cost basis?
View in the company profile“Not always. For reportable transactions in 2025, brokers generally were not required to report cost basis.”
Why does my Form 1099-DA show proceeds but no cost basis?
View in the company profile“A Form 1099-DA may report gross proceeds without basis because the transaction occurred before covered-basis reporting began, the asset is noncovered, or the broker does not have the required acquisition information. This frequently affects cryptocurrency purchased years earlier or transferred between exchanges and self-custody wallets.”
What should I do if my Form 1099-DA is incorrect?
View in the company profile“Compare the form against your exchange statements, transaction history, wallet records, and existing tax-lot accounting. Common discrepancies include incorrect proceeds, transactions attributed to the wrong reporting period, missing basis information, or movements that require further classification.”
What happens if my tax return differs from my Form 1099-DA?
View in the company profile“Differences between broker-reported information and a tax return may require explanation or supporting documentation. The IRS can use information returns in its compliance processes, but a discrepancy does not automatically establish that the tax return is incorrect.”
About Camuso CPA
Camuso CPA is an American cryptocurrency tax and accounting firm founded in 2016.