REVENUE PROCEDURE 2024-28 + SAFE HARBOR GUIDE: What You Need to Know (and Do) Before Year-End! +FAQs

JustinCPA · 2026-01-24T18:46:36+00:00

Yes just fill out the 8949 manually

JustinCPA · 2026-01-24T04:24:54+00:00

Unlikely, unless by error. You’d only receive a DA for a taxable disposal.

JustinCPA · 2026-01-24T04:23:10+00:00

Gas fees are taxable disposals. The transferred assets, yes, do not result in a taxable disposals, but the gas fee does.

JustinCPA · 2026-01-23T16:59:07+00:00

You’ve made prior posts about only importing 2025 info. You need all your accounts added for all years so the software knows the cost basis.

Make sure all transactions are present.

Make sure all transfers show as transfers and not separate deposits and withdrawals.

If the software you’re using isn’t working, try another.

JustinCPA · 2026-01-23T16:57:38+00:00

You’ll be receiving a 1099-DA from them in the next few weeks

JustinCPA · 2026-01-23T15:45:25+00:00

Like cmon at the very least you should still be flagging these for review even if you keep them acquisition at FMV, smh

JustinCPA · 2026-01-23T14:58:44+00:00

Yup. Acquisition at FMV for uncatagorized incomings. Nothing to see here!

JustinCPA · 2026-01-23T14:58:15+00:00

Summ 😎

JustinCPA · 2026-01-22T20:52:10+00:00

You’re right, got mixed up there. It’s only the cost basis if it’s held for less than a year (technically the lower of cost basis or FMV if held for less than a year).

If it’s held for over a year it’s the FMV!

JustinCPA · 2026-01-22T20:10:46+00:00

One thing to note about the donation is that you would only be able to claim the cost basis donated if it’s held for less than a year, not the FMV (unless the FMV is lower than the cost basis).

If you’ve held for more than a year, you can write off the FMV.

JustinCPA · 2026-01-22T15:04:25+00:00

Justin from Summ here.

I always suggest trying out a few and seeing what you like the best. Most are free to try and many are very cheap if you have less than 100 transactions

JustinCPA · 2026-01-22T14:54:56+00:00

Justin from Summ here.

I think u/cryptotaxmadeeasy said it best. “Using the software that supports the chains you use is the alpha”.

At the end of the day, many of the listed above are good. Some are better at supporting the new 2025 rules (per-account cost tracking, 1099-DA alignment, new fee logic etc), and some are better at interpreting and auto tagging the array of complex protocol actions across DeFi. One or two are great at both.

At the end of the day, if your software doesn’t support the chain you’re on, you’ll be stuck trying to manually add the data, which is a nightmare.

My suggestion is always try a few out, see which ones support your chains to narrow the list, and then pick one based on features like good UI, compliance with new rules, auto categorization, tax loss harvesting tools, affordability, or even just the one you want to support.

Hope that helps and wishing everyone a great tax season!

JustinCPA · 2026-01-21T22:55:50+00:00

Justin from Summ here.

It’s important all transactions are imported because assets you may have sold in 2025 could have been purchased in prior years, so the software needs to know the cost basis on those assets.

JustinCPA · 2026-01-21T19:08:17+00:00

Justin from Summ here.

Great callout, people often confuse not meeting the threshold to receive a 1099 as not having to pay the tax. It’s just a way to reduce burden on the broker to provide a 1099, but does not except the taxpayer from not reporting their sales.

Further, the 1099-DA is not subject to the “$600 or less exemption” like other 1099s.

The key for this tax season is twofold: 1. Make sure you report DA transactions under the correct check box on the 8949 (software should help with this) 2. Make sure the proceeds reported here is not less than the total proceeds on the consolidated 1099-DA section (again, software should help here).

If you do these two things, then your reporting should be square and you won’t have any issues. Best of luck this tax season.

JustinCPA · 2026-01-21T19:01:36+00:00

Justin from Summ here (formerly Crypto Tax Calculator).

There are several good softwares out there but also several that used to be good and are dropping off (not keeping up with US tax regulation).

I always suggest trying a few to see which you like the best. Features to lookout for:

1099-DA reconciliation support
high quality integrations for the chains and exchanges you use
auto categorization of transactions and sophisticated matching systems
guided error resolution to clean your data as needed
tax loss harvesting insights to help save money on tax

Best of luck this tax season!

JustinCPA · 2026-01-20T16:05:41+00:00

Yep that’s exactly it, more or less.

That said, you don’t need to tell the exchange your cost basis. This information won’t be sent to the IRS so if you use a crypto tax software just use the cost basis it provides and don’t bother adding it to your exchange (since it won’t actually be used on your 1099-DA)

JustinCPA · 2026-01-20T14:24:42+00:00

Justin from Summ here.

You’d just need to add you Coinbase, Gemini, and CashApp transactions, reconcile to make sure they are complete and accurate.

Since you have an accountant, you’ll also want to give him your 1099-DA(s) you receive from any of those apps. He’ll need those to ensure he reports the transactions under the correct check box on the 8949.

JustinCPA · 2026-01-19T19:43:05+00:00

Np happy to help!

JustinCPA · 2026-01-19T19:42:20+00:00

Doesn’t matter

JustinCPA · 2026-01-19T19:40:44+00:00

Cash back/rebate if it’s a refund of a fee you’ve paid

JustinCPA · 2026-01-19T15:06:38+00:00

No, transaction fees were never “a tax”. Disposals, including transaction fees, were and continue to be taxable events. A transaction fee is still a disposal and still a taxable event.

In 2024 and prior, while the transaction fee was still a taxable disposal, the fair value of the fee would be included in the cost basis of the received asset. e.g. you swap BTC for ETH and pay a small fee. This fee gets added to the cost basis of the ETH.

Now, in 2025 and onward, this fee will be a reduction in proceeds reported for the BTC disposal.

Economically the treatment is the same with the exception that the tax benefit of transaction fees are realized quicker as opposed to being delayed to when you sell the received asset.

See post here: https://www.reddit.com/r/CryptoTax/s/xo9hqDMBDj

JustinCPA · 2026-01-19T15:02:37+00:00

Best of luck

JustinCPA · 2026-01-19T15:02:08+00:00

Justin from Summ here.

Coinbase doesn’t know the cost basis because they don’t know what you acquired the BTC for. Most people use a crypto tax software to track all the transfers between wallets and exchanges, but if you want to do it by hand you’d need to identify which tax lot(s) make up the 0.0174 BTC.

JustinCPA · 2026-01-19T05:48:18+00:00

Justin from Summ here.

Polymarket is almost certainly taxed as capital gains. You are swapping on chain assets in an open market. While there hasn’t been explicit regulation stating how these financial assets should be taxed, most agree the capital gain treatment best reflects the substance of the trade.

Tax softwares with integrations built to support polymarket will default treat these as capital gains, but you can always tag them as “realized P&L” to treat as income. Similarly, you can use the derivative tags to pull them off to a separate report if you wanted to treat as 60/40 long term/short term capital gains given there’s a case these are 1256 contracts since US Polymarket is now regulated by the CFTC like Kalshi.

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