The IRS quietly changed how crypto transaction fees are taxed starting in 2025, and most traders missed it while focusing on the new Form 1099-DA. The new rules give you an immediate tax benefit instead of making you wait until you sell. Here's what changed, why it matters for your 2025 trades, and how to make sure you're not leaving money on the table.
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Binance US 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.
Cost basis tracking rules for US crypto taxpayers changed on January 1, 2025 (for reporting in 2026). The IRS now requires per-wallet tracking instead of universal pooling, and if you don't transition correctly, your tax calculations could be wrong. This guide breaks down what changed, why it matters, and how Summ handles the migration for you automatically.
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.