Binance US began sending Form 1099-DA to its U.S. customers, marking the first time millions of Americans will see this new crypto tax document in their inbox.
If you received one, here's what you need to know
What is Form 1099-DA?
The 1099-DA is a new IRS tax form that reports cryptocurrency disposals, which is any time you sell or trade cryptocurrency. Starting with the 2025 tax year, crypto exchanges are required to send this form to customers and file a copy with the IRS – similar to how stock brokerages report your trades.
This is the first year the form exists, so if you've never seen one before, that's expected.
For a complete breakdown: What is a 1099-DA?
Why did I get one?
You received a 1099-DA because you sold or traded crypto on Binance US during 2025. Specifically, the form covers:
- Crypto-to-cash sales (selling Bitcoin for dollars)
- Crypto-to-crypto trades (swapping ETH for another token)
- Certain stablecoin transactions (selling USDC for dollars or swapping for BTC if they meet the de minimis threshold)
If any of these apply to you, Binance US was required to report it.
What's NOT on the Form
Your 1099-DA doesn't include everything. Notably missing:
- Trades on non-KYC exchanges
- Decentralized exchanges and DeFi transactions
- Transfers between wallets
- Staking rewards or interest (now reported on Form 1099-MISC)
Even if a transaction isn't on your 1099-DA, you may still owe taxes on it. The form only covers what Binance US is required to report – not your full tax obligation.
The Cost Basis Issue
Here's the most important detail that is set to cause a headache for taxpayers in 2026:
For the 2025 tax year, in most cases, the 1099-DA from Binance US will only report gross proceeds on disposals and won’t include cost basis. This is by design and gives the reporting brokers time to develop internal systems to track covered assets.
However, for the 2026 tax year and onward, only some sales will include cost basis. Any assets transferred into Binance US, even if initially acquired on Binance US but transferred off platform, will not be considered a covered asset, resulting in only the gross proceeds being reported without cost basis.
Without the cost basis, Binance US cannot report the transaction proceeds, and you cannot accurately calculate your tax.
Without the cost basis, the 1099-DA will not report an accurate gain or loss, resulting in many people overpaying on crypto tax.
If you see $0 or “Unknown” in the “Total cost basis” column, then you may have a problem.
This matters because you only owe taxes on your profit, not the full sale amount.
If you transferred crypto into Binance US from another exchange or wallet, you may see "Unknown" cost basis for those assets. Binance US has no record of what you originally paid, so you'll need to find that information yourself or risk substantially overpaying on tax.
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What to Do Now
Your Binance US 1099-DA only covers what happened on that platform. Here's how to make sure your full tax picture is accurate.
1. Gather your records. Collect your 1099-DA from Binance US and any forms from other exchanges you used. If you traded on multiple platforms, used DeFi, or received staking rewards, you'll need those records too.
2. Log in to Summ. Visit the 1099-DA Portal and upload each 1099-DA you received.
3. Follow the steps. Summ automatically matches your transactions to align with your 1099-DA.
4. Review if required. If there are mismatches or missing transactions that can't be auto-matched, Summ will guide you step-by-step to resolve them before you file.
5. File with confidence. Generate your tax reports with confidence, knowing your filing aligns with what the IRS expects.
For detailed step-by-step instructions: What to do if you receive a 1099-DA?
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Key Dates to Remember
- Mid-February: Binance US 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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