The 2026 tax filing season is the first year the IRS has comprehensive crypto exchange data to compare against your return. If new crypto reporting requirements 2026 is on your mind, you are right to pay attention.
The 1099-DA Rollout
For 2025 transactions reported in early 2026, exchanges report gross proceeds only. Cost basis is not yet required, creating a gap that taxpayers must fill. Starting with 2026 transactions, exchanges will report both proceeds and cost basis for covered assets acquired on the same platform after January 1, 2026.
The Cost Basis Gap Problem
Because exchanges are reporting proceeds without basis for 2025, the IRS sees your sales but not your purchases. If you do not report accurate cost basis on your return, the IRS may treat your entire proceeds as taxable gains. This makes accurate record-keeping and self-reported cost basis more important than ever.
New Compliance Landscape
The combination of 1099-DA reporting, wash sale extension, CARF international reporting, and enhanced IRS enforcement creates a compliance landscape where crypto tax obligations cannot be ignored. The question is no longer whether the IRS will find out - it is when.
Getting Ahead of It
Review your 1099-DA forms against your records. Identify and correct any discrepancies before filing. If you have prior-year issues, consider filing amended returns proactively. If you owe more than you can pay, engage with a crypto tax attorney to pursue the best available resolution.
Frequently Asked Questions
How do wash sale rules affect crypto in 2026?
Starting in 2025, if you sell crypto at a loss and repurchase substantially identical crypto within 30 days, the loss is disallowed. This eliminates a popular tax loss harvesting strategy used in prior years.
Is there a crypto tax amnesty in 2026?
There is no specific crypto tax amnesty. However, the IRS Streamlined Filing Procedures and Voluntary Disclosure programs remain available for taxpayers who want to come into compliance voluntarily.
What new crypto reporting is required in 2026?
Exchanges report both gross proceeds and cost basis for covered assets. International CARF reporting shares data across countries. The IRS has enhanced data matching capabilities to identify discrepancies.
Get Crypto Tax Help Now
Dealing with new crypto reporting requirements 2026 can feel overwhelming, but there are options. Call the Law Offices of Darrin T. Mish, P.A. at (813) 229-7100 for a free consultation. We have resolved over $100 million in IRS tax debt.