New US Crypto Tax Rules Require Exchanges to Report Trading Volume, but Investors Must Still Calculate Gains and Losses Themselves
The Internal Revenue Service crypto tax rules for the 2025 transaction year require brokers to report digital asset sales proceeds in most cases, but they generally do not have to report cost basis, according to a PANews report citing Cointelegraph on September 25. Taxpayers therefore still must calculate their own gains and losses, while some investors face missing transaction data and cost-basis reconciliation issues in the first United States tax season for the 1099-DA reporting rule.
What Brokers Must Report for 2025
For 2025 transactions, brokers usually must report digital asset sales proceeds. In many cases, cost basis reporting is not required. The Internal Revenue Service has stressed that taxpayers must still report digital asset-related income and gains or losses even if they do not receive a 1099-DA.
Why Investors Are Still Calculating Their Own Gains
Cost basis is needed to determine whether a digital asset sale created a profit or a loss. Because brokers are not required to provide that figure for most 2025 transactions, investors may need to assemble purchase records, platform histories, and sale details themselves. The problem is especially visible during the first United States tax season under the 1099-DA rule, where some investors are still waiting on missing data.
What the Awaken Tax Survey Shows
Awaken Tax surveyed 1,000 United States crypto investors in August. Among respondents who had already filed or planned to request an extension, 21% said they were still waiting for exchanges or crypto platforms to provide the information needed for tax reporting. The same survey also cited another group of about 20% of respondents among its reporting-season findings.
What Changes in 2026
Starting in 2026, brokers must report cost basis for qualifying digital assets. Until then, many investors remain responsible for calculating gains and losses independently while preparing for 1099-DA reporting.
Risk Disclosure
This article is for informational purposes only and does not constitute investment, tax, legal, or financial advice. Digital assets are highly volatile, and their prices can change rapidly, leading to substantial losses. Broker reporting rules may not cover all transaction data, and tax obligations remain the responsibility of each investor. Before making any trading, reporting, or investment decisions, consult qualified professionals, verify platform records, and assess your own financial situation and risk tolerance.
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