Digital asset brokers and taxpayers are expected to face some growing pains with this tax season’s debut of a new crypto-specific information return, but the real test of the new reporting regime will come next year, according to a pair of veteran digital asset experts.
Deloitte Senior Manager Jonathan Cutler and Managing Director Seth Wilks told Checkpoint that while tax year 2025 will be a transitional period for Form 1099-DA, Digital Asset Proceeds From Broker Transactions, brokers and customers alike must stay on top of tracking gross proceeds before mandatory cost basis reporting is phased in for tax year 2026.
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