A new draft tax form by the Internal Revenue Service (IRS) is proposing tracking specific crypto transactions.
The Digital Asset Proceeds From Broker Transactions draft indicates that taxpayers must fill out Form 1099-DA, which collects trader identification and detailed transaction data from crypto “brokers.”
According to Shehan Chandrasekera, a crypto accountant and the head of tax at CoinTracker, the form could lead to the end of privacy for crypto traders in the US.
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“Brokers (centralized finance exchanges, certain decentralized finance exchanges, and wallets) will [now] be required to generate this form for each sale transaction and submit that info to the IRS and you (similar to stock brokers) starting 1/1/2025.
The Form captures unsurprising data points such as date acquired, date sold, proceeds,
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