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Non-taxable transactions: - Moving crypto between your own wallets - Buying crypto with USD - HODLing - Gifting crypto under $19K

Worried about getting your crypto taxes done before the deadline? Tax extensions are free and easy to file. You still owe an estimated tax payment by April 15, but you have until October 15 to make sure you have an accurate record of your gains/losses.

5 days until the tax deadline. Crypto tax tip: if your 1099-DA proceeds don't line up with what you report on Form 8949, it could lead to issues with the IRS. Check the numbers before you file.

Tax Tip: If your 1099-DA proceeds are flat-out wrong, request a corrected form from your exchange. Cost basis showing zero or unknown? Don't worry. Exchanges aren't required to track and report basis for the 2025 tax year. Just report your true cost basis on Form 8949.

Got a 1099-DA showing $47,000 in proceeds and no cost basis? Don't worry, you don't owe taxes on $47,000 of capital gain. Exchanges are not required to report cost basis for the 2025 tax year. As long as you have records, you can report your own basis on Form 8949.

Crypto tax tip: Moving crypto from Coinbase to another exchange doesn't reset your holding period. The issue: your new exchange has no record of your original buy date, so it won't be reported on Form 1099-DA. That's why it's important to keep records of your crypto purchases. Remember, your holding period determines whether you pay short-term or long-term capital gains tax rates (and the difference can be significant!)

Staking rewards are taxed when you receive them, not when you withdraw them. You have dominion and control the moment you can withdraw the crypto from your wallet. It's ordinary income based on fair market value at receipt. Some stakers miss this and only report when they cash out.

If you transferred crypto into your exchange, your cost basis on Form 1099-DA is most likely wrong. You'll have to find records of your original cost basis and report it on Form 8949. Remember, exchanges aren't reporting basis to the IRS in the 2025 tax year, so no adjustment code is needed.

You do not need to request a corrected Form 1099-DA for the following errors: - Blank cost basis - Cost basis listed as "Unknown" - Missing acquisition dates Exchanges aren't required to track this for the 2025 tax year. Just report the correct info on Form 8949.

Your Form 1099-DA might show $0 cost basis for crypto you bought on another platform. If you're in this situation, there's no need to panic or request a corrected form. For the 2025 tax year, exchanges don't report basis to the IRS. The IRS allows you to report your actual cost basis on Form 8949, as long as you have records to back it up.

@crypto_bardo Exchanges aren't required to report basis to the IRS on Form 1099-DA for the 2025 tax year. In cases where basis isn't reported, there's no need to use an adjustment code.

lol no one attaches any 1099 to a tax return to start with and they absolutely get reported to IRS by exchanges (whether basis is right or wrong) so check the box for basis reported to IRS if you receive one then use the adjustment columns on the 8949 for correcting basis to reflect the right amount in the gain/loss column youre welcome folks

Crypto tax tip: Form 1099-DA is informational and should not be attached to your tax return. You report your actual gains and losses on Form 8949. If your 1099-DA has incorrect cost basis (common if you transferred crypto between platforms), you can report the correct numbers on Form 8949.

@Queen1Crypto Crazy, isn't it?

🤯

The following transactions do appear on Form 1099-DA: - Selling crypto for USD - Trading one crypto for another (e.g. BTC for ETH) - Spending crypto on goods or services - Paying network fees when transferring between wallets That last one surprises people. Network fees are considered disposals subject to capital gains tax, even though the amounts are usually just a few dollars.

Crypto tax tip: You have 3 years from your original filing date to submit an amended return (Form 1040X) for unreported crypto. Yes, amending might feel risky. But voluntary disclosure beats getting caught evading.

Crypto tax tip: If your Form 1099-DA is missing cost basis, you don't have to report it as 0 on your tax return. You can simply fill in your correct cost basis on Form 8949. Just make sure you have records to back it up!

Haven't received Form 1099-DA from your exchange yet? Wait for it before filing. Major discrepancies between the proceeds on the form and what you report can lead to issues with the IRS. If you're cutting it close to the deadline, consider filing for an extension.

Link here: youtube.com/watch?v=9jwErO…

Got a Form 1099-DA and not sure what to do? Join our 30-minute livestream tomorrow at 1 PM EST. We’ll discuss: - Who gets Form 1099-DA - What gets reported to the IRS - What to do if Form 1099-DA is wrong We’ll also answer your questions live!