Starting with the 2025 tax year, Anchor is required to issue IRS Form 1099-DA to all US customers.
IRS Form 1099-DA is a new form introduced to report digital assets (DA), including crypto, beginning with transactions on or after January 1, 2025. This form replaces the 1099-B as the form used to report dispositions of digital assets in certain sale or exchange transactions.
Anchor will provide tax year 2025 Form 1099-DA to you on March 3rd, 2026 and you will receive an email when it is available to download. For this year, cost basis is an optional field on the form. While Zero Hash may have provided it when readily available, it may not always be present, due potentially to assets having been acquired prior to your account's migration to Zero Hash.
What to Expect:
- Gross proceeds represent the total amount received from all asset sales or exchanges. This isn't your net gain or final balance, but rather the overall value from every transaction, including smaller trades.
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For tax reporting purposes, a sale includes:
- Crypto-to-crypto exchanges (for example, trading Bitcoin for Ethereum)
- Crypto-to-fiat exchanges (for example, converting Bitcoin to USD)
- Any transaction where you receive money or value from selling or exchanging an asset
You can find more instructions for filing your Forms 1099-DA on the IRS website. According to IRS guidelines, you don’t need to attach copies of Form(s) 1099-DA when you file your taxes, but you should include the information from the forms on your return. The 1099-DA is a new required reporting system but is not the final analysis on your gains and losses.
While we can answer questions about the report, we cannot give tax advice and you should consult a qualified tax adviser for guidance.