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IRS access to crypto gains complicates tax filings for investors

A survey of 1,000 US crypto investors, conducted in August by Awaken Tax, found the IRS tracking of gains has not clarified the missing cost-basis needed for returns.

Reported · Written up by our desk · Regulation

Cointelegraph reports that the IRS can now see Americans’ crypto gains, because new rules require exchanges and brokers to report gross proceeds from certain digital asset sales. However, the IRS does not have investors’ cost-basis information, creating a tougher time for some taxpayers filing 2025 returns.

The outlet says this means that receiving a tax form from an exchange does not necessarily make returns easier, because the cost-basis gap can create problems when reporting crypto activity.

Cointelegraph adds that a survey of 1,000 US crypto investors conducted in August by Awaken Tax found that the increased visibility into gains has become a tax headache for some investors.

The story was published by Cointelegraph on Sep 25, 2026, and centers on the mismatch between the IRS’s new proceeds reporting and the information taxpayers still need to provide to compute results.

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