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New 1099-DA: exchanges report proceeds, not cost basis
Digital Asset News· 2026-03-28 06:21
What this form is meant to do is it's kind of this enforcement mechanism. You know, one copy gets sent to you, the user of the exchange, and then the same an identical copy gets filed to with the IRS by the exchange. So, they send one to the IRS and one to you.So, two forms go out. >> And so, this just helps the IRS figure out, hey, who should be reporting some amount of crypto income on their tax return. And that's what they use as a check.They like, "Okay, we received this 1099 from Dave. That's David Kem ...