IRS Reveals Preliminary Tax Reporting Form For Digital Assets

The US Internal Revenue Service (IRS) has unveiled the early draft of a tax form for reporting income from cryptocurrency transactions. The newly released Form 1099-DA, tagged as “Digital Asset Proceeds from Broker Transactions,” is currently open to comments from relevant stakeholders in anticipation of its final version by the IRS.

Crypto Community Opposes Latest IRS Draft

In a rather unsurprising response, the general crypto community has criticized certain aspects of the IRS Form 1099-DA. Ji Kim, the chief legal and policy officer of the Crypto Council for Innovation, has specifically expressed disappointment over the agency’s inclusion of “unhosted wallet providers” as brokers. 

How To Get Free Crypto  

In a post on X, Kim stated that such a listing shows that the IRS does not recognize the limited access of wallet providers to the details of users’ transactions as well as the identity of these users. Meanwhile, Shehan Chandrasekera, Head of Tax Strategy at expressed the proposed tax form threatens the privacy and pseudo-anonymity of the US crypto space. 

Presently, the early draft of  Form 1099-DA remains subject to comments, and certain aspects of the form may change in response to the general feedback. 

 Total crypto market cap valued at $2.262 trillion on the daily chart | Source: TOTAL chart on

Featured image from CNBC, chart from Tradingview

Go to Source
Author: Semilore Faleti

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.