Crypto Tax Guide USA

The IRS rolled out Form 1099-DA for crypto transactions. On paper, it sounds straightforward: exchanges report your activity, you file your taxes to match those numbers, and everyone moves on. Simple compliance, right? 

Except it's not simple at all. It's a trap, and most people won't realize they're in it until a CP2000 notice shows up in the mail telling them they owe thousands more than they thought. 

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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.

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.

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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.

Caleb & Brown 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.

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You’ve probably heard the term “1099-DA” thrown around recently. You may have already received one. So what is it? And more importantly, what are you actually supposed to do with it?

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Form 1099-DA marks a structural shift in how digital-asset activity enters the tax system through standardized third-party reporting, automated matching and reconciliation-based enforcement. Form 1099-DA is not the cause of the transition but it is the first large-scale stress test of what I refer to as the Digital Asset Compliance Era.

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Kraken 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.

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Coinbase 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.

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Ethereum co-founder Joseph Lubin has issued a stark warning about the concentration of artificial intelligence power within a small number of large technology companies. Speaking in an interview with CoinDesk, Lubin framed AI centralization as a fundamental threat to innovation freedom and equitable access, drawing a direct contrast with the decentralized model that underpins Ethereum and the broader blockchain ecosystem.

Alcoa is selling its idle Massena East aluminum smelter in upstate New York to NYDIG, a leading Bitcoin mining and financial services company. The transaction is a striking example of a broader industrial trend: legacy heavy industry facilities being repurposed for the power-hungry demands of Bitcoin mining and AI data centers.

Circle has launched the USDC Bridge, a new infrastructure product that enables native transfers of USDC across different blockchain networks without relying on third-party bridges or wrapped token intermediaries. The launch represents a meaningful step forward in stablecoin interoperability and addresses some of the most persistent pain points in moving assets between blockchains.

Wintermute's Head of Policy, Ron Hammond, has put the odds of the Crypto Clarity bill passing this legislative year at roughly 30%. The cautious forecast reflects the political obstacles and drawn-out negotiations that have characterized crypto regulation in the US Congress, even as the broader environment for digital asset legislation has improved.

Ant Group's blockchain subsidiary has unveiled a new infrastructure platform called Anvita, designed to enable AI agents to conduct autonomous transactions using cryptocurrency rails. The launch marks one of the more concrete examples yet of AI and blockchain technology being deliberately integrated at an infrastructure level, with significant implications for how autonomous systems participate in digital economies.

A Nevada state judge has extended a temporary ban on Kalshi's sports prediction markets, ruling that the contracts are indistinguishable from traditional gambling. The decision prolongs a legal battle that sits at the intersection of financial innovation, gambling regulation, and federal versus state authority over prediction markets.

The Ethereum Foundation has staked approximately 69,500 ETH, putting it just short of the 70,000 ETH target it announced in late February 2026. The milestone marks a significant step in the foundation's direct participation in Ethereum's proof of stake consensus mechanism and signals growing institutional engagement with staking at scale.

A draft tax legislation from US lawmakers proposes notable changes to how digital assets are taxed, but has drawn attention for what it leaves out. While the bill includes specific exemptions for stablecoins, it omits any de minimis exemption for Bitcoin or other cryptocurrencies, a provision that many in the crypto industry have long argued is necessary for practical everyday use of digital assets.

In March 2026, the team behind P2P.me publicly admitted to placing bets on Polymarket wagering on whether their own project would hit a $6 million fundraising target. The disclosure has sparked a controversy that touches on ethics, market integrity, and the growing intersection of crypto fundraising and prediction markets.

Aave, one of the largest decentralized finance protocols by total value locked, is preparing for a significant protocol upgrade, and the process has laid bare the tensions and complexities that characterize governance in major DeFi ecosystems.

US senators have brokered a compromise on a key sticking point in the broader crypto market structure legislation, clearing a path for the bill to move forward. The agreement centers on how yield generated from stablecoin holdings should be treated under the new regulatory framework, an issue that had become one of the more contentious elements of the negotiations.

Bitcoin's mining difficulty has fallen by 7.7%, marking the second significant reduction this year. The drop reflects sustained pressure on the mining industry from rising competition, shifting economics, and the growing demand for computational resources from AI data centers.

Brazil has shelved plans to advance its proposed cryptocurrency tax framework, with the country's upcoming presidential election in October 2026 appearing to play a significant role in the decision. The delay leaves the country's regulatory landscape for digital assets in a holding pattern as incumbent President Luiz Inácio Lula da Silva focuses on re-election.

The White House has unveiled a national framework for artificial intelligence, laying out a coordinated federal strategy across six key policy areas: copyright, energy, workforce development, innovation, civil rights, and national security. The announcement signals a shift toward a more defined federal approach to AI governance, with implications that extend across industries including the cryptocurrency sector.

Google Threat Intelligence has identified a new and highly advanced malware variant called Ghostblade, part of a broader suite of malicious tools known as DarkSword. The malware is specifically engineered to target cryptocurrency private keys, making it a serious threat to anyone holding or managing digital assets.

The Commodity Futures Trading Commission has issued new guidance clarifying how it expects cryptocurrency to be used as collateral within regulated derivatives markets. The clarification, delivered through a staff Q&A, outlines a phased pilot approach and signals that the CFTC is moving toward a more structured framework for crypto collateral rather than leaving the question unresolved.

Prediction market platform Kalshi has raised $1 billion in a new funding round, doubling its valuation to $22 billion according to Bloomberg. The milestone reflects surging investor appetite for prediction markets and signals the sector's growing relevance within the broader landscape of alternative financial platforms.

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A comprehensive guide to top cryptocurrency wallets in the market to safely store your assets. From hot digital wallets to hardware wallets, this guide will help users pick the most valuable wallet with features that meet your specific needs.

Wondering what the difference is between a CEX and a DEX, and how that might impact your experience come tax time? Read our latest blog for all the information you need.

Staking has increased in popularity in the crypto world. We have detailed everything you need to know about staking and its tax consequences in this article.

One of the new ideas in the crypto space in using your crypto as collateral to borrow money. Of course it's a little different to traditional loans so here's everything you need to know about borrowing crypto.

Struggling to understand crypto mining and its tax implications? We break it all down for you in this blog.

Struggling to understand what a smart contract is and how they work? We break it all down for you in this blog.

Struggling to understand what a blockchain explorer is and how to use one? We break it down for you in this blog.

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.

You need to review the information on your 1099-DA before you use it to calculate your taxes and fill out your Form 8949 – or else you risk overpaying.

Learn everything about the 1099-DA form for crypto taxes. Understand who receives it, what information it contains, and how to use it for your tax filing.

Compare crypto tax software on features like supported exchanges, DeFi integrations, price and downloadable IRS forms.

IRS Letters 6174, 6174-A, 6173, and CP2000 look scary at first, but there’s no need to panic – here's how to respond to each.

Learn how to calculate crypto capital gains tax in the U.S. with this step-by-step guide. Understand FIFO, LIFO, HIFO, and Specific ID methods to reduce your tax bill.

In this guide we’ll run through everything you need to know about Form 8949 and how to fill it out.

This guide will walk you through the steps to upload Coinbase data into Summ (formerly Crypto Tax Calculator) by three methods: an API, CSV upload or via OAuth. Uploading your transactions allows Summ to calculate your Coinbase tax obligation.

Reporting your Bitcoin transactions on your federal taxes is essential to comply with IRS regulations.

Learn how Bitcoin is taxed in the U.S., the difference between short and long-term capital gains, and how timing your sale can cut your crypto tax bill.

Learn how Bitcoin is taxed in the U.S., the difference between short and long-term capital gains, and how timing your sale can cut your crypto tax bill.

Capital losses from stocks, crypto and other investments can be used to offset gains and help you lower your tax bill. Here's what you need to know.

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.

Our senior tax advisor discusses the accounting methods - Last In, First Out, First In First Out and others, which can be applied for cryptocurrency transactions, and the ATO tax guidelines for traders and investors.

Summ (formerly Crypto Tax Calculator) is proud to support TaxScouts, a fast and effortless tax preparation tool in the United Kingdom. You can easily prepare a self-assessment tax return, and have it sorted by a certified accountant online. Follow these steps to get your tax return sorted out.

Our senior tax advisor discusses the tax implications of trading cryptocurrency as a business in Australia, and the ATO guidelines around distinguishing between a trader or investor for crypto tax.

A step-by-step walkthrough of everything you need to know about calculating your MetaMask crypto tax.

A guide to the implications of rebase tokens such as OHM and TIME.

The complete guide to understanding and filing your NFT taxes in the US.

Summ (formerly Crypto Tax Calculator) is one of the simplest tax calculators on the market but the tax process is complicated no matter where you live. This guide breaks down the step by step process for getting your crypto taxes calculated as quickly as possible.

A guide to liquidity pools, LP tokens and how to report them on your taxes.

Bitcoin is taxed as either capital gains or income tax depending on the transaction. Learn how to do your Bitcoin taxes with this guide.

This guide shows you two methods for uploading your crypto tax information to TurboTax. Updated for 2025.

This guide contains everything you need to know about how to calculate your crypto taxes for the 2024 tax year. It includes crypto tax brackets, crypto capital gains tax, how to report losses, and includes legal ways to lower your bill. Plus  how to prepare yourself for some big changes to crypto taxes in 2025.

If you’ve received a CP2000 notice for crypto, you need to take immediate action. This guide explains what a CP2000 notice means for crypto investors, how to respond, and steps to avoid future issues.

Report your crypto taxes to the IRS with this step-by-step guide that includes important tips and ways to reduce your tax bill.

The complete guide to understanding and filing your DeFi taxes in the US.

Without accurate cost basis information, your crypto tax calculations will be incorrect, which could cost you thousands in overpayment. Here's how to find your missing cost basis.

Without accurate cost basis information, your crypto tax calculations will be incorrect, which could cost you thousands in overpayment.