US crypto tax rules: 61% unaware of 2025 1099-DA

A Coinbase and CoinTracker survey of U.S. crypto users finds that 61% are unaware of the crypto tax rules for the 2025 tax year, despite awareness of crypto tax generally rising ahead of the April 15 deadline. While 74% say crypto activity is taxable, only 49% correctly understand that taxes apply when selling. A major confusion point is transfers. Up to 41% mistakenly believe that moving funds triggers taxable events. The new IRS Form 1099-DA requires reporting gross proceeds, but brokers typically do not provide cost basis, pushing taxpayers to reconcile records across fragmented accounts. The survey also notes heavy decentralization: the average investor uses 2.5 wallets/exchanges and 83% use self-custody. Coinbase criticized the compliance burden, especially cost-basis reconciliation across platforms and rule nuances tied to transaction fees and stablecoin reporting. It also highlights an IRS proposal for electronic delivery of tax forms, which could change broker-user relationships if customers refuse digital delivery. For tax preparation, most users still rely on general accounting software (78%) or accountants (52%), while only 8% use crypto-specific tax tools. AI adoption is growing: 47% use AI for calculations, 43% for personalized strategy input, and nearly 30% would use AI for the full process. Net effect: crypto tax rules may increase short-term compliance friction for traders, but they are unlikely to shift long-run market fundamentals.