Notice from Coinbase:
For the 2026 tax year, the 1099-DA will include both cost basis and gross proceeds reporting.
Traders without a confirmed tax status will be subject to backup withholding tax (currently a flat 24% federal tax on all proceeds, with an additional percentage withheld depending on your state¹) and limited trading access beginning January 1,2027.
Upcoming One Big Beautiful Bill Changes
What’s Still Taxable
All the same activities remain taxable events: selling crypto for fiat, trading one cryptocurrency for another, using crypto to purchase goods or services, mining, staking, and receiving airdrops. Simply buying and holding crypto remains non-taxable. [Source]
Business Reporting Delayed
The requirement for businesses to report cryptocurrency payments over $10,000 using Form 8300 remains paused pending final regulations. [Source]
DeFi Exemption
President Trump signed legislation in April 2025 that nullified reporting requirements for decentralized finance (DeFi) platforms, though centralized exchanges still must comply with the new rules. [Source]
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