The New Kid on the Block(chain)

Starting with 2025 trades, custodial crypto brokers must issue Form 1099-DA showing your gross proceeds. Basis reporting is delayed until 2026—meaning you’d better keep your own records unless you enjoy pain.

DeFi Drama

Last year’s plan to tax DeFi platforms? Withdrawn. For now, only custodial brokers report. DeFi is like that cousin who dodges responsibility—still in the family, but no rules yet.

NJ Angle

New Jersey hasn’t rolled out crypto-specific rules, but expect conformity. Translation: if Uncle Sam wants his cut, so does NJ.

Example

Alex sells $10,000 worth of Bitcoin in 2025. Exchange sends him a shiny new 1099-DA. IRS sees gross proceeds. Alex better have cost-basis records, or he’ll owe tax like he bought the Bitcoin yesterday.

Disclaimer: This blog is for educational purposes only and should not be considered legal or tax advice.
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