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Which of the following is true regarding the new Form 1099-DA?

a. Reports gross proceeds from the sale or exchange of digital assets through brokers

b. Brokers are now required by the IRS to issue this form

c. For the 2025 tax year, cost basis is not required to be reported to the IRS

d. All of the above

The correct answer is d. Read more about how the new Form 1099-DA works.

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Crypto as an asset class is highly volatile, can become illiquid at any time, and is for investors with a high risk tolerance. Crypto may also be more susceptible to market manipulation than securities.  Crypto is not insured by the Federal Deposit Insurance Corporation, the Securities Investor Protection Corporation, or any other government agency, and is not an obligation of any bank. Investors in crypto do not benefit from the same regulatory protections applicable to registered securities.

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Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.

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