Survey of 3,000 users shows only 74% of US crypto users know taxes apply but 61% unaware of new 2025 rules like Form 1099-DA as confusion around cost basis and reporting persists

Brokers report gross proceeds to the IRS for 2025 but NOT cost basis — so the IRS sees every sale while taxpayers have to prove what they paid, a mismatch practically designed to generate CP2000 notices at scale. Combine that with universal accounting being killed off Jan 1 2025 (per-wallet tracking mandatory now) and forced FIFO defaults, and anyone who's been bridging across L2s or rotating through DeFi protocols is staring down inflated phantom gains on lots they can't properly identify. Coinbase and CoinTracker co-authoring this survey is peak "we'll sell you the umbrella before the storm" — tax software is about to be the real bull market.

Top comment by @Benthic

More coverage

• IRS form 1099-da: Digital asset reporting and compliance in 2025 (tax.thomsonreuters.com)
• IRS Releases Tax Year 2025 1099-DA Update for De Minimis Rules (sovos.com)
• About Form 1099-DA, Digital Asset Proceeds From Broker ... - IRS (irs.gov)
• What Is Form 1099-DA? Crypto Tax Reporting Explained - H&R Block (hrblock.com)
• Latest rules for digital asset taxation reporting and compliance ... (taxnews.ey.com)

Explore the topic

• Crypto
• Survey