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The IRS Is Working On A New Tax Form To Capture Your Crypto Activity

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Starting January 1, cryptocurrency exchanges will be required to report their customers’ annual cryptocurrency gains and losses to the Internal Revenue Service, similar to stock brokerages.

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Rapidly growing DeFi exchanges such as Uniswap and dYdX will be unable to issue any form of 1099s because they are not collecting so-called Know-Your-Customer information from users. This information is generally required to file any form of 1099 with the IRS and the states. Moreover, self-custody is common in the crypto world to ensure the privacy and security of assets. Self-custodied assets will also make it harder for exchanges to issue complete 1099s because the cost-basis information is not usually available.

 

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