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New IRS Crypto Tax Rules: Wallet-Level Cost Tracking and Form 1099-DA Rollout for 2026 Tax Season

U.S. crypto investors face major tax changes for 2025 trades, with new reporting rules taking effect for the 2026 filing season. Under the rollout of Form 1099-DA, centralized exchanges and brokers will report crypto sales to the Internal Revenue Service, initially focusing on gross proceeds and often excluding cost basis, according to BlockBeats. The shift to wallet-by-wallet cost tracking replaces pooled methods and may lead the IRS to assume a zero cost basis if records are missing. Tax experts warn that reconstructing historical ledgers is complex, and despite transitional relief under IRS Procedure 2024-28, many investors remain unprepared, increasing the risk of reporting errors without early action.
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