Brokers must report digital transactions that occurred in 2025; there is no such reporting for 2024 transactions. A draft of Form 1099-DA, which will be used for this purpose, has boxes to indicate the type of broker that’s doing the reporting: Kiosk operator, digital asset payment processor, hosted wallet provider, unhosted wallet provider, and other. The form will list the type of digital asset, number of units, date and time acquired, date and time sold, proceeds, whether basis is reported to the IRS, and more. The form also requires more information. It will be a while before there’s a final version of the form. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
