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For those deeply immersed in the fast-paced world of frequent cryptocurrency trading, the year 2025 heralds a significant evolution in accounting and tax compliance. With the cryptocurrency market's exponential growth, from a modest $5 billion market cap a decade ago to a staggering $3.9 trillion today, regulatory bodies are tightening their grip to ensure transparency and compliance. This comprehensive guide is tailored to equip active crypto traders with the essential accounting practices needed to navigate the updated regulatory landscape, focusing on the critical changes that took effect at the beginning of 2025 and outlining how to maintain financial integrity and legal adherence.
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Navigating the Evolving Crypto Tax Landscape
The cryptocurrency realm is no longer a niche market; it's a major financial arena demanding robust accounting principles. For frequent traders, understanding the intricacies of digital asset taxation is paramount. The IRS, in its continuous effort to categorize and tax virtual currencies, treats them as property. This classification means that every disposition, whether through selling, exchanging, or even certain types of spending, can trigger a taxable event, leading to capital gains or losses. The implications are substantial, affecting profitability and requiring diligent record-keeping.
Short-term capital gains, realized from assets held for less than a year, are taxed at ordinary income rates, which can climb as high as 37%. Conversely, long-term capital gains, from assets held for over twelve months, benefit from preferential rates of 0%, 15%, or 20%, based on your overall income bracket. Beyond trading activities, other forms of crypto income, such as staking rewards, mining outputs, and interest earned from lending platforms, are considered taxable income upon receipt. The value assigned to this income is its fair market value at the precise moment of acquisition. This distinction between trading gains and ordinary income is a critical aspect of crypto accounting that many traders overlook, leading to potential compliance issues.
The IRS has made it clear that taxpayers must address their digital asset activities directly on their tax returns. Starting with the 2025 tax year, individuals filing Form 1040, as well as entities filing Forms 1041 and 1065, are required to answer a specific question about whether they engaged in any digital asset transactions during the tax period. This proactive question aims to capture information that might have previously slipped through the cracks, emphasizing the government's increased focus on this sector. Failure to accurately report or even acknowledge these transactions can lead to severe penalties, including hefty fines for willful non-compliance, especially if related to FBAR (Foreign Bank Account Report) obligations which can extend to digital assets held in foreign platforms.
The sheer scale of market growth underscores why these accounting practices are not just recommended but essential. A decade ago, the entire crypto market was valued at a mere $5 billion. Today, that figure has surged to an astonishing $3.9 trillion. This explosion in value means more transactions, more participants, and a greater need for clear, enforceable regulations. For traders operating at high frequency, the volume of transactions can be overwhelming, making robust accounting systems non-negotiable for maintaining legal standing and financial clarity.
Crypto Taxation: Property vs. Currency
| Tax Treatment | Implication for Traders | Key Considerations |
|---|---|---|
| Treated as Property | Subject to capital gains/losses rules | Distinguish short-term vs. long-term gains; track cost basis meticulously. |
| Not Treated as Currency | Exchange of crypto for goods/services is a taxable disposition | Each trade, even for smaller purchases, is a reportable event. |
My opinion: The tax treatment of crypto as property is a fundamental concept that traders must internalize. It means every transaction, no matter how small, has a potential tax consequence. Staying compliant requires a proactive, rather than reactive, approach to tracking these events.
Key Regulatory Shifts for 2025
The regulatory environment for digital assets is continuously evolving, and 2025 marks a significant year for compliance changes. One of the most impactful developments is the mandatory reporting by cryptocurrency exchanges and digital asset brokers to the IRS via the new Form 1099-DA. This form is designed to report gross proceeds from cryptocurrency sales and exchanges to the IRS, providing tax authorities with a clearer picture of trading activities. For transactions occurring in the calendar year 2025, this information will be reported to the IRS by brokers starting in early 2026, giving taxpayers and platforms a structured timeframe for adaptation.
An important detail regarding the 1099-DA is that while brokers will report gross proceeds, they are not required to report the cost basis for sales that occurred in calendar year 2025. This transitional period is intended to allow brokers to adapt their systems to track and report cost basis accurately, a requirement that is expected to be implemented in future years. This means that while the IRS will receive gross proceeds data, traders will still bear the primary responsibility for accurately calculating and reporting their cost basis and subsequent gains or losses. This places an even greater emphasis on traders maintaining their own detailed transaction logs.
Another notable change, though not directly impacting all traders, was the repeal by the Senate of certain finalized regulations that would have required some participants in Decentralized Finance (DeFi) to register as brokers. While this specific broker reporting requirement for certain DeFi activities has been overturned, it is crucial to understand that this repeal does not exempt taxpayers from their fundamental obligation to report any gains or losses realized from their DeFi transactions. Income generated through staking, lending, or yield farming in DeFi protocols remains taxable and must be accounted for.
For financial reporting purposes, a significant update from the Financial Accounting Standards Board (FASB) is ASU 2023-08. This guidance mandates that certain crypto assets, held by companies, must be measured at fair value. Any fluctuations in this fair value are now recognized in net income each reporting period. This move away from the previous impairment model offers a more dynamic and transparent view of a company's digital asset holdings, reflecting market realities more closely. While this primarily affects corporate accounting, it signals a broader trend towards valuing digital assets based on their market performance.
2025 Regulatory Overview for Crypto Traders
| Regulation/Guidance | Effective Date/Period | Impact on Traders |
|---|---|---|
| Form 1099-DA Reporting (Gross Proceeds) | For 2025 transactions (reported in 2026) | Exchanges report gross sales; traders must still track cost basis. |
| DeFi Broker Reporting Repealed | Finalized Regulations | No new broker registration for certain DeFi participants, but DeFi income remains taxable. |
| FASB ASU 2023-08 (Fair Value Accounting) | Applied to financial reporting | Impacts corporate financial statements, reflects market value changes. |
My opinion: The repeal of certain DeFi reporting rules might seem like a relief, but it's crucial to remember that the underlying tax obligations remain. The trend is towards greater transparency, and ignoring DeFi income is a significant risk. Traders should view these changes as a signal to enhance their tracking capabilities across all crypto activities.
Mastering Cost Basis Calculation
Perhaps one of the most significant accounting shifts for frequent crypto traders in 2025 is the mandatory adoption of the wallet-by-wallet (or account-by-account) method for calculating cost basis. This change, effective from January 1, 2025, represents a departure from previous, more flexible accounting methods, such as the universal accounting method. Under the new mandate, the cost basis of a cryptocurrency token must be tracked and applied from the same wallet or account where the token being sold was held. This means that assets acquired in one wallet cannot have their cost basis applied to assets sold from a different wallet.
This transition necessitates a more granular approach to record-keeping. Traders must now meticulously track the purchase price, date, and associated fees for each acquisition within each individual wallet. The IRS provided transitional relief, allowing taxpayers until January 1, 2025, to reasonably allocate any unused cost basis from previous methods to their currently held assets. This period was critical for ensuring a smooth shift and avoiding immediate compliance gaps. However, moving forward, the wallet-specific approach is the standard.
Consider a scenario where a trader acquired Bitcoin in one wallet and Ethereum in another. If they sell Ethereum, they can only use the cost basis associated with the specific Ethereum purchased and held in that particular wallet. The cost basis of the Bitcoin in the separate wallet is irrelevant to this specific Ethereum sale. This restriction forces traders to confront the reality of multiple wallets and the need for precise tracking within each. The IRS's guidance on digital assets as property means that each disposal is an event that needs to be matched with the correct acquisition for accurate capital gains or loss calculation.
The complexity increases with the sheer volume of transactions frequent traders undertake. High-frequency trading often involves numerous buys and sells across multiple platforms and wallets. Without sophisticated accounting software or diligent manual tracking, it becomes incredibly challenging to maintain the integrity of cost basis calculations under the wallet-by-wallet rule. The risk of miscalculation, whether intentional or accidental, is substantial and can lead to overpayment or underpayment of taxes, both of which carry significant penalties and interest.
Cost Basis Methods: A Shift in Practice
| Method | Description | 2025 Mandate |
|---|---|---|
| Universal Accounting Method | Allowed certain flexibility in applying cost basis across holdings. | No longer the primary method for sales from Jan 1, 2025. |
| Wallet-by-Wallet (Account-by-Account) Method | Cost basis is tracked and applied per individual wallet or account. | Mandatory for all crypto sales from Jan 1, 2025. |
My opinion: The shift to the wallet-by-wallet method is a game-changer for crypto accounting. It demands a level of precision that wasn't always enforced before, pushing traders towards more sophisticated tracking solutions. Those who adapt quickly will avoid significant headaches and potential penalties.
Reporting Requirements and What to Expect
The introduction of Form 1099-DA is a cornerstone of the updated reporting framework for cryptocurrency traders in 2025. This new tax form, mandated for brokers and exchanges, will provide the IRS with a direct stream of information regarding cryptocurrency sales. The form specifically requires reporting of gross proceeds from these transactions. It's vital for traders to understand that "gross proceeds" refers to the total sale amount before any deductions for the cost basis, fees, or other expenses. This means the figure reported on the 1099-DA might be significantly higher than the actual taxable gain.
While brokers are obligated to issue Form 1099-DA for sales occurring in 2025, their reporting of cost basis has been deferred. This temporary gap is a critical point for traders. It implies that while the IRS will know the total value of crypto sold by an individual through a reporting broker, it will not yet receive direct information about the cost basis of those assets from the broker. Consequently, the onus remains squarely on the trader to maintain accurate records of their cost basis to correctly calculate and report their net capital gains or losses when filing their taxes. The IRS will compare the gross proceeds reported by brokers against the gains reported by taxpayers, making accurate cost basis documentation essential to justify any differences.
The requirement to answer a digital asset transaction question on tax forms is another layer of disclosure. This question is designed to catch taxpayers who might not otherwise report their crypto activities. By directly asking about engagement in digital asset transactions, the IRS aims to increase voluntary compliance and identify potential undeclared income or gains. For frequent traders, this question will almost certainly be a 'yes,' prompting them to provide further details on their tax returns regarding their crypto activities.
The global context also influences reporting. The OECD's Crypto-Asset Reporting Framework (CARF) is an initiative aimed at standardizing the reporting of crypto transactions internationally to combat tax evasion. As countries adopt CARF or similar frameworks, information sharing between tax authorities will become more prevalent. This means that even if a trader attempts to move their activities to offshore exchanges, there's an increasing likelihood that transaction data will eventually be shared with their home country's tax authorities. Proactive compliance within one's own jurisdiction is therefore the most prudent strategy.
Key Reporting Elements for 2025
| Reporting Item | Reported By | Information Provided | Impact on Trader |
|---|---|---|---|
| Form 1099-DA | Brokers/Exchanges | Gross Proceeds from Sales (for 2025) | IRS receives total sales value; trader must provide cost basis for gain calculation. |
| Tax Form Question | Taxpayers (Individuals/Entities) | Affirmative disclosure of digital asset transaction activity | Increases visibility of crypto activity; prompts detailed reporting. |
| Global Reporting Frameworks (e.g., CARF) | Participating Jurisdictions | Information sharing on crypto asset transactions | Reduces ability to evade taxes by moving assets internationally. |
My opinion: The IRS is clearly prioritizing transparency in crypto trading. Form 1099-DA is a powerful tool for them, and traders must be prepared to reconcile their own detailed records with the data the IRS receives. The deferral of cost basis reporting by brokers is a temporary reprieve, not an excuse to neglect it.
Essential Accounting Tools and Strategies
Given the complexities introduced by the wallet-by-wallet cost basis method and the new reporting requirements, frequent crypto traders need to adopt sophisticated accounting tools and strategies. The days of relying on simple spreadsheets for tracking thousands of transactions are largely over. Specialized crypto accounting software has become indispensable. These platforms are designed to connect directly to various exchanges and wallets, automatically import transaction data, and calculate cost basis according to IRS-mandated methods. Look for software that supports the wallet-by-wallet method and can generate tax reports compliant with Form 8949 and Schedule D.
When selecting software, consider features like real-time asset tracking, support for a wide range of cryptocurrencies and tokens (including NFTs and DeFi assets), and the ability to handle complex transaction types like airdrops, forks, and staking rewards. Integration capabilities are key; the more seamlessly your trading platforms and wallets connect, the less manual input is required, reducing the chance of errors. Some advanced tools also offer forecasting and tax planning features, helping traders understand their potential tax liabilities throughout the year.
Beyond software, a proactive strategy is crucial. Regularly review your transaction history and tax reports. Don't wait until tax season to address potential discrepancies. Schedule regular "tax check-ins" with yourself or your accountant, perhaps quarterly. This allows for timely correction of errors and a better understanding of your overall tax exposure. For traders dealing with significant volumes, consulting with a tax professional specializing in cryptocurrency is highly recommended. They can provide personalized advice, ensure compliance with the latest regulations, and help optimize tax strategies within legal boundaries.
The trend towards increased regulatory scrutiny and the development of global reporting frameworks like CARF underscore the importance of transparency and robust record-keeping. Embracing technological advancements in accounting software is not just about convenience; it's about building a defense against potential tax disputes and penalties. Furthermore, staying informed about evolving guidance from tax authorities and professional bodies ensures that your accounting practices remain current and compliant. The digital asset landscape is dynamic, and so must be your approach to managing its financial and tax implications.
Choosing the Right Crypto Accounting Software
| Feature | Importance for Frequent Traders | Key Considerations |
|---|---|---|
| Automated Transaction Import | Essential for handling high volume; reduces manual errors. | Direct API integration with major exchanges and wallets; support for various file formats. |
| Wallet-by-Wallet Cost Basis Tracking | Mandatory compliance with 2025 IRS regulations. | Ensures accurate calculations per IRS rules; look for specific feature validation. |
| Comprehensive Reporting | Simplifies tax filing and audits; provides clear financial overview. | Generation of Form 8949, Schedule D, and potentially other tax forms; detailed transaction logs. |
| Support for Various Crypto Assets | Covers the full spectrum of trading activities, including DeFi and NFTs. | Wide range of supported cryptocurrencies, tokens, stablecoins, and digital collectibles. |
My opinion: Investing in the right accounting software is as important as investing in the right trading tools. For frequent traders, the time saved and the reduction in compliance risk offered by automated solutions far outweigh the cost. It's a necessary operational expense in today's regulatory climate.
Practical Examples and Applications
To solidify understanding, let's look at practical examples of how these accounting practices apply to frequent traders in 2025. Suppose a trader acquired 1 Bitcoin for $30,000 in Wallet A on March 15, 2024, and later purchased 2 Ether for $2,000 each in Wallet B on September 1, 2024. If, on January 20, 2025, the trader sells 1 Ether from Wallet B for $2,500, the cost basis calculation follows the wallet-by-wallet method. The cost basis for the sold Ether is $2,000 (the price paid for that specific Ether in Wallet B). The capital gain is $500 ($2,500 sale price - $2,000 cost basis). The Bitcoin transaction in Wallet A has no bearing on this calculation.
Another scenario involves reporting gross proceeds. Imagine a trader sells 0.5 Bitcoin for $35,000 on February 10, 2025. Let's say their original cost basis for this 0.5 BTC was $25,000. The Form 1099-DA issued by their broker will report $35,000 as the gross proceeds. The trader will then use their detailed records to calculate the capital gain of $10,000 ($35,000 sale price - $25,000 cost basis) and report this net gain on their tax return. The difference between the gross proceeds ($35,000) and the net gain ($10,000) highlights the importance of tracking cost basis to substantiate the reported gain.
Consider income from staking. A trader stakes their crypto and receives 0.1 Ether as a reward on April 5, 2025. At that time, 1 Ether is trading at $3,000. According to IRS guidelines, this reward is taxable income upon receipt. The trader must report $300 (0.1 ETH \* $3,000) as ordinary income. Critically, this $300 also becomes the cost basis for that 0.1 ETH. If the trader later sells this 0.1 ETH for $400, they will realize a $100 capital gain ($400 sale price - $300 cost basis). This example illustrates how different types of crypto activities are treated for tax purposes, requiring distinct tracking mechanisms.
The increasing focus on investor protection, as seen in various court rulings that acknowledge cryptocurrency as property, reinforces the need for traders to be diligent. These rulings, while often complex, indicate a growing legal framework that recognizes the rights and responsibilities associated with digital assets. For traders, this means that while protections are developing, the burden of proof for accurate reporting and compliance rests firmly on their shoulders.
Illustrative Transaction Analysis
| Transaction Type | Example Scenario | 2025 Accounting Practice | Tax Consequence |
|---|---|---|---|
| Sale from Wallet X | Sell 1 ETH from Wallet B for $2,500. Cost basis in Wallet B was $2,000. | Use Wallet B's cost basis ($2,000) for the sold ETH. | $500 Capital Gain. |
| Gross Proceeds Reporting | Sell 0.5 BTC for $35,000. Cost basis was $25,000. | Broker reports $35,000 gross proceeds on 1099-DA. | $10,000 Capital Gain (reported by trader). |
| Staking Rewards | Receive 0.1 ETH reward when 1 ETH = $3,000. | Report $300 as ordinary income; $300 becomes cost basis for the reward ETH. | $300 Ordinary Income; potential future capital gain upon sale of reward ETH. |
My opinion: These examples clearly show the practical implications of the new rules. The wallet-by-wallet method demands discipline, and income from staking or other activities must be treated distinctly. Traders need to be meticulous to avoid misreporting and potential audits.
Frequently Asked Questions (FAQ)
Q1. What is the new Form 1099-DA and who issues it?
A1. Form 1099-DA is a new IRS tax form that cryptocurrency exchanges and digital asset brokers are required to issue starting in 2025. It reports gross proceeds from crypto sales to the IRS. Brokers issue this form.
Q2. Does Form 1099-DA report cost basis for 2025 sales?
A2. No, for calendar year 2025 sales, brokers are not required to report cost basis on Form 1099-DA. They will report gross proceeds. Cost basis reporting by brokers is expected in future years.
Q3. What is the wallet-by-wallet cost basis method?
A3. This is a mandatory method effective January 1, 2025, where the cost basis of a cryptocurrency must be tracked and applied from the same wallet or account from which it is sold. You cannot use cost basis from one wallet to offset gains in another.
Q4. How do I calculate the cost basis for crypto purchased in 2024 and sold in 2025?
A4. For sales made in 2025, you must use the wallet-by-wallet method. You need to determine the cost basis of the specific asset within the wallet from which you are selling.
Q5. Is income from staking, lending, or DeFi taxable?
A5. Yes, income from staking, lending, or DeFi activities is considered taxable income upon receipt, valued at its fair market value at the time of receipt. This income is typically taxed as ordinary income.
Q6. What if I use multiple wallets for trading?
A6. You must track the cost basis separately for each wallet. When you sell an asset, its cost basis must be from the same wallet where it was held. This significantly increases the importance of meticulous record-keeping per wallet.
Q7. How does the IRS treat cryptocurrency for tax purposes?
A7. The IRS treats cryptocurrency as property, not currency. This means that selling, exchanging, or otherwise disposing of crypto is a taxable event, subject to capital gains or losses rules.
Q8. What are short-term vs. long-term capital gains?
A8. Short-term capital gains are from assets held for less than one year and are taxed at ordinary income rates. Long-term capital gains are from assets held for more than a year and are taxed at lower capital gains rates (0%, 15%, or 20%).
Q9. Will I have to answer a question about crypto on my tax return?
A9. Yes, starting with tax year 2025, taxpayers filing Form 1040, 1041, and 1065 will be required to answer a question regarding whether they engaged in any digital asset transactions.
Q10. What is the FASB's new guidance (ASU 2023-08) for?
A10. ASU 2023-08 is for financial reporting purposes. It requires certain crypto assets held by companies to be measured at fair value, with changes recognized in net income, replacing older impairment models.
Q11. What is the significance of the OECD's CARF?
A11. The OECD's Crypto-Asset Reporting Framework (CARF) aims to standardize international reporting of crypto transactions to combat global tax evasion and facilitate information sharing between countries.
Q12. How does selling crypto for goods or services get taxed?
A12. Selling cryptocurrency to purchase goods or services is considered a disposition of property and is a taxable event. You must calculate any capital gain or loss based on the difference between the crypto's fair market value at the time of sale and its cost basis.
Q13. Can I use an averaging method for cost basis in 2025?
A13. The IRS has mandated the wallet-by-wallet method for sales in 2025. Generic averaging methods that apply across different wallets or pools are generally not compliant with the specific regulations for crypto property sales.
Q14. What are the penalties for failing to report crypto transactions?
A14. Penalties can be severe and may include monetary fines, interest on underpaid taxes, and even criminal charges for willful failure to report. Penalties for "willful" failure to file FBARs (which can include digital assets) are particularly significant.
Q15. Are NFTs taxed differently than other cryptocurrencies?
A15. Generally, NFTs are treated as property by the IRS, similar to other cryptocurrencies. The sale or exchange of an NFT can result in a capital gain or loss, and their accounting and tax treatment follow similar principles, including the need for cost basis tracking.
Q16. How should I handle crypto received as a gift?
A16. The recipient's cost basis for gifted crypto is generally the donor's basis. If the donor paid gift tax, the basis may be increased. You'll need to track the donor's acquisition date and cost basis.
Q17. What if I lost my private keys and can't access my crypto?
A17. Unfortunately, if you cannot access your crypto, you cannot sell it, and therefore, no taxable event occurs for that specific lost amount. However, you still need to account for any crypto you can access and trade.
Q18. Do I need to report every single crypto transaction?
A18. Yes, in principle. Every sale, exchange, or disposition of cryptocurrency is a taxable event. While software can aggregate these, it's essential to have records for all transactions to accurately calculate gains and losses.
Q19. What is considered "gross proceeds" on Form 1099-DA?
A19. Gross proceeds are the total amount received from selling cryptocurrency, before deducting the cost basis, transaction fees, or any other expenses. It is the total sale price.
Q20. How does the wallet-by-wallet rule affect users with many wallets?
A20. It significantly increases the complexity of record-keeping. Each wallet's transaction history and cost basis must be managed independently, making robust accounting software essential.
Q21. Can I still use the FIFO (First-In, First-Out) method for cost basis?
A21. The IRS allows specific identification or, if not specified, FIFO or LIFO for capital asset sales. However, for crypto, the wallet-by-wallet method is now the mandated accounting method for calculating cost basis upon sale, overriding simple FIFO/LIFO across different holdings if they are in separate wallets.
Q22. What is considered a "digital asset" for tax purposes?
A22. Digital assets include virtual currencies (like Bitcoin, Ether), stablecoins, and any other digital representation of value recorded on a distributed ledger or similar technology.
Q23. What if I received crypto through an airdrop? How is it taxed?
A23. Airdrops are generally treated as taxable income upon receipt, valued at their fair market value at the time you gain control of them. This value also becomes your cost basis for that crypto.
Q24. What is the role of a tax professional in crypto trading?
A24. A crypto-savvy tax professional can help navigate complex regulations, ensure accurate reporting, optimize tax strategies, and represent you in case of an audit.
Q25. How can I ensure my crypto accounting software is compliant with 2025 rules?
A25. Look for software that explicitly states compliance with the wallet-by-wallet cost basis method and can generate tax forms like 8949 and Schedule D. Check their recent updates and support documentation.
Q26. Are there any exemptions for small crypto traders?
A26. The IRS has not provided broad exemptions for small-volume crypto traders. All taxable transactions must be reported, regardless of the dollar amount, though software can help manage smaller volumes more efficiently.
Q27. How do I track transactions across different blockchains?
A27. Reputable crypto accounting software is designed to aggregate data from various blockchains and exchanges. Manual tracking becomes extremely difficult across different distributed ledgers.
Q28. What's the difference between a broker and a wallet provider for reporting purposes?
A28. Brokers and exchanges that facilitate sales are the ones mandated to issue Form 1099-DA. Most standalone wallet providers are not considered brokers and do not issue these forms, as they don't facilitate the sale directly.
Q29. Is the wallet-by-wallet method the same as specific identification?
A29. The wallet-by-wallet method is more restrictive. Specific identification allows you to choose which specific lot of an asset you are selling from your total holdings. The wallet-by-wallet method enforces that the asset sold must come from the same wallet where it was acquired, inherently tying specific assets to specific wallets.
Q30. How does the IRS know if I have crypto if it's in a self-custody wallet?
A30. The IRS uses various methods, including information reported by exchanges (via 1099-DA), data analytics, third-party information requests, and audits. The tax question on your return also serves as a disclosure mechanism. The IRS encourages voluntary compliance.
Disclaimer
This article is written for general information purposes and cannot replace professional advice. Tax laws are complex and subject to change. Consult with a qualified tax professional for personalized guidance regarding your specific cryptocurrency trading activities and tax obligations.
Summary
The year 2025 brings significant accounting and tax changes for frequent crypto traders, including mandatory Form 1099-DA reporting of gross proceeds by brokers and the strict wallet-by-wallet cost basis calculation method. Income from staking and DeFi remains taxable, and all traders must address their digital asset activities on their tax returns. Utilizing specialized crypto accounting software and consulting with tax professionals are essential strategies for ensuring compliance and financial integrity in this evolving landscape.
Relevant Resources
📌 Official & Related Links
FASB: FASB ASU 2023-08
OECD: OECD Crypto-Asset Reporting Framework
Treasury Department: Treasury Guidance on Digital Assets
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