The IRS has not yet formally announced the release date for Form 1099-DA or when reporting will officially begin, but it is expected to take effect for the 2024 tax year, meaning digital asset transactions occurring in 2024 would be reported on Form 1099-DA by early 2025.
This timeline aligns with the IRS’s focus on implementing the requirements set forth in the Infrastructure Investment and Jobs Act, which mandated more comprehensive reporting of digital asset transactions by brokers and platforms. The IRS is likely to provide more details and issue guidance to clarify the reporting process, deadlines, and other specifics before the form’s formal release.
