US cryptocurrency tax enters its first filing season as trading platforms report transaction amounts, but cost basis still needs to be determined.

US Crypto Tax Season Opens With Partial Reporting and Unresolved Cost Basis for 2025

The US crypto tax season has opened with a partial reporting step. US crypto brokers began this year reporting some digital asset sale proceeds to the Internal Revenue Service for the first time under new rules, according to BlockBeats on September 25. For 2025, the reports usually cover proceeds rather than cost basis, so taxpayers must still calculate actual gains or losses themselves.

Sale proceeds do not prove profit

A 1099-DA form can show what a sale brought in, but it does not show what the asset originally cost. Without cost basis, the reported figure does not automatically determine taxable profit. A sale can still result in a loss if the purchase price was higher. Tax professionals noted that cross-exchange activity, wallet transfers and frequent trading make the calculation harder, and some users found their 1099-DA data differed from their own transaction records.

Survey shows missing or unclear data

Awaken Tax surveyed 1,000 US crypto investors in August. Among respondents who had already filed or requested an extension, 21% said they were still waiting for information from exchanges. About 20% said the 1099-DA forms they received were incomplete or could not be confirmed for accuracy.

2026 brings more reporting, not full clarity

From 2026, brokers generally will need to report cost basis for qualifying digital assets. But assets transferred from other exchanges or wallets may still fall outside that requirement. The practical gap remains: when records do not line up, taxpayers must still reconcile transfers and establish their own basis.