The U.S. Internal Revenue Service (IRS) has unveiled an early draft of a new tax form designated for reporting cryptocurrency transactions. The draft form, 1099-DA, is the latest step of the IRS’s endeavors to consolidate the reporting measures with respect of digital assets as part of the federal tax code. The purpose of this initiative is to bring facilitation and simplification to tax liabilities brought about by cryptocurrency transactions.
Specifically, the 1099-DA form records taxable gains or losses due to the brokerage of digital assets. It contains comprehensive areas for mentioning specific token codes, wallet addresses, and transaction information on the blockchain. This construction guarantees that all information the tax authorities need for assessment is systematically provided.
Details of the Proposed 1099-DA Form
In the draft, the 1099-DA is similar to the regular 1099-B used to report sales of stocks and bonds but is reworked for the particular characteristics of dig
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