Gate News message, April 15 — The U.S. Internal Revenue Service (IRS) formally implemented mandatory cost basis reporting rules for digital asset brokers effective April 15, 2026. The rules apply to centralized exchanges, custodial wallet service providers, and certain digital asset processors.
Under the new rules, covered entities must submit Form 1099-DA to the IRS and taxpayers, documenting the sale and exchange of digital assets. The IRS stated the measure aims to reduce underreporting of capital gains on digital assets and align cryptocurrency tax reporting standards with those of traditional securities.
Investors will now need to maintain accurate records of token purchase prices, acquisition dates, and on-chain transaction details to ensure compliance.
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