What are the expected formats of cryptocurrency exchanges?

The 2025 tax season is almost here, and it’s officially starting January 27! If you are active in the cryptocurrency space, knowing what tax forms to expect and how to handle them is crucial. Here is a breakdown of what you should look for from cryptocurrency platforms.

Form 1099-MISC

This form reports your 2024 income from staking or other rewards. You will receive a 1099-MISC if your income from these activities exceeds $600. If the amount is less than $600, you won’t get a form, but you still must report the income on your tax return.

The amount must be entered from Form 1099-MISC Table 1, line Z From your tax return.

Form 1099-B

This form lists your cryptocurrency trades and associated gains or losses during the tax year (January 1 to December 31, 2024). Currently, only a few platforms, such as Robinhood, PayPal, Etoro, Uphold, and CashApp, offer Form 1099-B.

Transfer the information from Form 1099-B to… Form 8949 and Table D When filing your taxes.

Transaction history reports or CSV files

For most cryptocurrency exchanges, wallets, or DeFi platforms, you will not receive official tax documents such as 1099-Bs. Instead, you’ll need to rely on transaction history reports or CSV files. These reports often lack accuracy or completeness because they only reflect transactions within a particular platform. Using unreconciled data may result in unnecessarily overpaying taxes.

Use custom crypto tax software to securely connect all your exchanges and wallets (read-only access). These tools can reconcile and generate your annual gains and losses Form 8949 and Table D For accurate reports.

A Note About Form 1099-DAs

Starting from the tax year 2025, Form 1099-DAs It will replace 1099-Bs for reporting cryptocurrency trades. For this tax season, you won’t see any 1099-DAs. Keep this change in mind because it may affect your tax preparation process next year.

Disclaimer: This post is informational only and is not intended to provide tax advice. For tax advice, please consult a tax professional.