Whether an asset is covered decides what your Form 1099-DA shows. For 2025 sales, brokers had to report only gross proceeds. For sales from January 1, 2026, a broker must report a covered asset’s basis and the date you acquired it. The form must also say whether the gain or loss is short-term or long-term.
Any other crypto is noncovered. That includes crypto acquired before 2026 and coins moved in from another wallet or exchange. It also includes crypto the broker was not holding for you when you acquired it. A broker may report a noncovered asset’s basis, but it does not have to.
Noncovered does not mean untaxed. You report each sale either way, using the basis from your own records when the form has none.
Sources
- 26 C.F.R. § 1.6045-1, Returns of information of brokers and barter exchanges
- IRS, Instructions for Form 1099-DA (2026)
- IRS, Understanding your Form 1099-DA
Reviewed and updated September 2026. General information, not advice for your situation.