"76% of surveyed crypto investors know that cost basis might be problematic, but only 35% have ever actually fixed it, indicating a significant gap in tax readiness."
"Nearly 61% of respondents were unaware of the updated 2025 tax rules, even as 56% describe their understanding of crypto taxation as good or excellent."
"This year brokers are issuing Form 1099-DA for the first time, which reports gross proceeds but not cost basis, potentially leading to inflated tax obligations."
"If you don't report cost basis yourself, the IRS can default it to $0, meaning your entire sale is treated as profit, resulting in taxes on gains that never occurred."
A significant gap exists between compliance intent and technical execution among U.S. crypto investors. A survey revealed that while 74% acknowledge crypto activity as taxable, many face challenges in reporting accuracy. Regulatory awareness is uneven, with 61% unaware of updated 2025 tax rules. The introduction of Form 1099-DA complicates matters, as it reports gross proceeds without cost basis details, leading to potential inflated tax obligations. Users are urged to bridge the knowledge gap to navigate the complexities of crypto taxation effectively.
Read at news.bitcoin.com
Unable to calculate read time
Collection
[
|
...
]