The Internal Revenue Service recently released the first draft of Form 1099-DA, Digital Asset Proceeds From Broker Transactions, which allows digital asset brokers to report proceeds and basis (where relevant) for dispositions of digital assets.
Notably, the form has a tax-year date of 2025 (i.e., it is the 2025 Form 1099-DA), indicating 2026 reporting of 2025 transactions, consistent with the proposed section 6045 digital asset reporting regulations. Also consistent with the proposed regulatory effective dates, the form recipient instructions similarly reflect a cost basis tracking date of January 1, 2023, with cost basis reporting required for digital assets sold from January 1, 2026.
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A new alert from Deloitte Tax LLP discusses key details of the draft form.
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