IRS: Form 1099-DA Will Leave a Cost-Basis Gap for External Assets
- —From 2025, Form 1099-DA reports sale proceeds; cost basis starts in 2026
- —Assets from external wallets and those acquired before 2026 may fall into the "uncovered" category
- —Coinbase and Kraken do not reconstruct cost basis on incoming transfers
- —A blank cost-basis field does not mean zero cost — the IRS requires "-0-" only when the basis is actually zero
Why it matters: Investors who moved crypto between wallets and exchanges risk double taxation without their own purchase records.
Source: TokenPost