Odaily Planet Daily reports: A survey of 1,000 U.S. cryptocurrency holders found that over 50% of investors are concerned about IRS penalties due to new transparency regulations taking effect this year. Under the new rules, cryptocurrency exchanges such as Coinbase must submit Form 1099-DA to the IRS, reporting all sales and exchanges of digital assets during 2025. Andrew Duca, founder of Awaken Tax, stated that exchanges can only provide information on sales proceeds and cannot report acquisition costs or tax basis. Cryptocurrency holders must independently fill in the missing acquisition costs and actual tax basis using the updated Form 8949. Currently, cryptocurrency tax compliance rates are below 20%, and the new regulations aim to increase this rate.
Over 50% of U.S. crypto investors fear IRS penalties under the new 2026 tax rules.
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Summary
A recent survey of 1,000 U.S. cryptocurrency holders reveals that over 50% fear IRS penalties under the new 2026 cryptocurrency rules. Exchanges such as Coinbase are now required to report all digital asset transactions using 1099-DA forms. Tax experts warn that these forms include only sales data, not acquisition costs. Investors must manually report missing details using Form 8949. With new token listings increasing, compliance remains below 20%. The IRS aims to improve reporting accuracy under the updated guidelines.
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