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Significant developments in tax regulations related to digital assets will impact reporting processes for both brokers and taxpayers.

The IRS has implemented new regulations that require brokers to report sales prices, tax bases, and other details for digital asset trades. After 2024, brokers will use Form 1099-DA to report proceeds from digital asset sales.

The regulations cover reportable digital assets and reporting requirements for custodial brokers such as Coinbase and Kraken. They also outline the information to be reported to the IRS and the computation of gain, loss, and tax basis.

The rules were supposed to apply to digital assets acquired on or after January 1, 2023, but the IRS postponed the reporting requirement. Individuals can expect to receive a 1099-DA in early 2026. Furthermore, reporting of tax basis and type of gain will commence with 1099-DAs being issued in 2027.

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