Survey: Over Half of US Crypto Investors Worry New IRS Tax Rules Will Lead to Penalties
ChainCatcher news, according to CoinDesk, a survey by the crypto tax platform Awaken Tax shows that over 50% of US crypto investors are concerned about facing IRS penalties this year.
The new regulation requires certain exchanges and other brokers to report all digital asset transactions for 2025 to the IRS using the 1099-DA form, aiming to combat tax evasion. The IRS will, for the first time, obtain internal exchange data and compare it with taxpayers' filings. Founder Andrew Duca pointed out that this rule treats crypto assets the same as stocks, but the actual operation is more complex: users often transfer assets between multiple wallets and interact with DeFi, while brokers can only report sales proceeds and cannot provide the tax basis (purchase cost), resulting in incomplete forms. Taxpayers need to supplement cost information themselves using the 8949 form. Currently, the crypto tax compliance rate is less than 20%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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