Crypto Tax Forms Leave Investors in the Dark
A recent survey of US crypto investors has highlighted concerns about the accuracy of tax forms received from exchanges and crypto platforms.
The Awaken Tax survey, which polled over 1,000 US crypto investors in August, found that 21% of respondents who filed or planned to file a tax extension were still waiting for exchange information. Another 21% of respondents who had filed or planned to file an extension were unsure whether their 1099-DA form matched their trades.
The IRS requires brokers to report gross proceeds from covered transactions, but most forms do not show what the customer originally paid. Taxpayers need both figures to calculate a gain or loss, and must report digital asset income, gains, and losses even if no 1099-DA arrives.