{"id":13704,"date":"2025-04-17T21:34:10","date_gmt":"2025-04-17T21:34:10","guid":{"rendered":"https:\/\/finderica.com\/?p=13704"},"modified":"2025-04-17T21:34:10","modified_gmt":"2025-04-17T21:34:10","slug":"here-are-the-details-on-the-new-cryptocurrency-tax-form","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=13704","title":{"rendered":"Here Are the Details on the New Cryptocurrency Tax Form"},"content":{"rendered":"\n
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There\u2019s a new tax form coming your way for the 2025 tax year. Form 1099-DA will make filing your capital gains taxes on cryptocurrencies and other digital assets easier. But it is a new form, so today we\u2019ll review what it does so you\u2019re not shocked when this cryptocurrency tax form shows up in your mailbox or inbox in early 2026.\u00a0<\/p>\n

Oh, and just because you didn\u2019t receive a 1099-DA for the 2024 tax year doesn\u2019t mean your cryptocurrency transactions aren\u2019t taxable on the return you\u2019re filing now. Here\u2019s what you need to know.\u00a0<\/p>\n

Make money easier.\u00a0Sign up\u00a0for The SS\u2019s newsletter today.<\/strong><\/em>\u00a0<\/p>\n

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Need Quick Cash to Pay Your Tax Bill?<\/h2>\n
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Do You Have to Pay Taxes on Crypto?\u00a0<\/h2>\n

Yes, you must pay taxes on crypto and other digital assets. Digital assets are taxed as property, which means acquiring them isn\u2019t a taxable event. However, when you sell the asset, that\u2019s when taxes kick in. If you sell the asset at a higher value than you bought it for, you\u2019ll pay capital gains tax. If you sell it for less, you\u2019ll incur a loss.\u00a0<\/p>\n

For the most part, cryptocurrencies and other digital assets are treated the same way as stocks as far as the tax code goes. Andrew Gordon, Esq. and CPA of Gordon Law<\/a> said there is one notable exception.\u00a0<\/p>\n

\u201cThe wash sale rule, which prevents investors from claiming a tax loss on a security if the same one is purchased within 30 days, does not currently apply to cryptocurrencies,\u201d Gordon explains. \u201cThis means that if you sell a digital asset at a loss and then repurchase it within 30 days, you can still claim that loss for tax purposes.\u201d<\/p>\n

If you buy something with cryptocurrency, that counts as a sale. That means spending your crypto is also a taxable event.\u00a0<\/p>\n

More From The SS: <\/strong>The 28 Best Side Hustles: Our Top Picks to Help You Make More Money<\/p>\n

What are other digital assets?\u00a0<\/h3>\n

Crypto is hardly the only digital asset. Other examples of digital assets that fall under this tax rule include:\u00a0<\/p>\n