Overview
- Coinbase and CoinTracker’s survey, published Monday, found only 49% of U.S. crypto users know a sale is taxable and 61% are unaware of the new 2025 reporting rules.
- Form 1099-DA is the new broker statement for digital assets and, for 2025 transactions, often lists only gross proceeds, leaving taxpayers to compute gains or losses from their own records.
- Many users lack clean cost-basis data because they juggle an average of 2.5 platforms and 83% use self-custody, and only 35% say they have adjusted cost basis in the past.
- A separate Divly report estimates just 1.76% of crypto owners globally declare their holdings, even as systems like 1099-DA in the U.S. and DAC8 and CARF in Europe increase reporting to tax agencies.
- Tax specialists warn that proceeds-only forms can trigger audits or overpayment if records are incomplete, and recent academic work shows large underreporting in the U.S., pointing to tighter enforcement and rising demand for crypto tax software.