Last week at ETHDenver, Justin Zanardi, CPA and Product Lead at Summ, joined MetaMask's crypto tax panel at Builder Nights to break down what's actually changing for US crypto tax reporting in 2026. Here's the short version.
Three changes you need to know about
The IRS is tightening how digital asset activity gets reported, and 2025 trades are the first year these rules apply.
Form 1099-DA is the new reporting form US exchanges will use to report digital asset sales directly to the IRS. If you traded on a US exchange in 2025, you'll receive a copy too. Think of it as the crypto equivalent of a brokerage statement.
Cost basis tracking is now per wallet. The IRS expects cost basis to be tracked at the account or wallet level, not pooled across all your wallets. If you're using MetaMask's Tax Hub, powered by Summ, this is already handled for you.
Transaction fee treatment has changed. The IRS updated how transaction fees are reported. Again, if you're on Tax Hub, these rules are already applied to your account.
Most on-chain activity won’t appear on the new Form 1099-DA. If you made trades on MetaMask (or any other wallet) in 2025, they are still taxable and need to be reported.
What Tax Hub does
MetaMask's Tax Hub (powered by Summ) handles the hard work for you. Tax Hub tracks on-chain activity in your wallet, calculates cost basis, and categorizes your transactions to produce defendable reports.
What to do now
- Add all accounts you've used for crypto trading into Tax Hub.
- If you received a 1099-DA, you can upload it directly into Tax Hub on the Reports page.
- Review your transactions.
- Generate your defendable tax reports.
For a complete breakdown: What is a 1099-DA?
Key Dates to Remember
- Mid-February: 1099-DA forms begin getting sent to customers
- April 15: Tax filing deadline for most individuals
Still Have Questions?
This is new territory for everyone. If you're unsure about something on your form, you're not alone.
If you’re a Summ customer, simply reach out to our customer service team via the Intercom app, who will be happy to help you navigate through this new form.
You can also check out our dedicated 1099-DA FAQ page, which answers some of the most common questions taxpayers have.
Get answers: FAQs About 1099-DA
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