Bitcoin has been displaying strong bullish momentum in recent weeks, climbing past the $72,000 mark and briefly surging toward $80,000. However, the $78,000 level has proven to be a stubborn barrier, and the market has since entered a consolidation phase as traders reassess their positions.
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Bitcoin.com has started issuing Form 1099-DA to U.S. crypto traders for the first time. This quick guide explains what the new 1099-DA means, why you received it, what's missing from the form, and the exact steps you should take next to avoid overpaying on crypto tax.
A step-by-step guide to transferring your crypto Form 1099-DA data to IRS Form 8949, including how to handle missing cost basis, choose the right checkboxes, and avoid common mistakes.
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Swapping one crypto for another is a taxable event, and you will need to work out the USD value of your capital gain or loss to report on your taxes.