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PayPal 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.
Form 1099-DA is changing how crypto taxes are reported. Lock Periods lets you freeze past tax years while switching to per-wallet tracking for 2025, so you can comply with new IRS rules without altering previously filed returns.
Lock Periods lets you freeze past tax years while safely optimizing current ones. Lock historical data, experiment with accounting methods, and improve tax outcomes without risking previously filed reports.
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.