Awaken Tax survey finds 1 in 5 US crypto investors unsure of 1099-DA accuracy
Awaken Tax polled 1,000 US crypto investors in August; 21% of filers or extension filers still await exchange data and another 21% doubt their 1099-DA is complete or correct.
Why it matters
The reporting rules shifted the burden of computing gains onto taxpayers while brokers disclose only proceeds, so incomplete or mismatched 1099-DA forms leave filers reconciling exchange data on their own before the Oct. 15 extension deadline. The survey is one vendor's August poll of 1,000 people, not an IRS finding, so its bearing on the wider market is limited to the filing season it describes.
Key facts
Awaken Tax surveyed 1,000 US crypto investors in August about the 2025 filing season.
1,000 investorsReported by Cointelegraph
21% of respondents who had filed or planned to file a tax extension were still waiting for information from an exchange or crypto platform.
21 %Reported by Cointelegraph
For 2025, brokers generally reported gross proceeds from covered digital asset transactions to the IRS.
Reported by Cointelegraph
Most 2025 forms do not show the taxpayer's cost basis, the price originally paid.
Reported by Cointelegraph
The IRS says digital asset income, gains and losses must be reported even if no 1099-DA arrives.
Reported by Crypto.News
Taxpayers who filed an extension have until Oct. 15 to submit their federal returns.
Reported by Cointelegraph
Crypto.News worked an example of a taxpayer who bought Bitcoin for $9,000 and sold it for $10,000 to illustrate gain computation without a reported cost basis.
9,000 USDReported by Crypto.News
What happened
Awaken Tax surveyed 1,000 US crypto investors in August about the 2025 filing season, the first under rules requiring brokers to report digital asset sales to the IRS. Cointelegraph reported that 21% of respondents who filed or planned to file an extension were still waiting for information from an exchange or crypto platform, and that a further one in five said their 1099-DA was incomplete or they were unsure whether it accurately reflected their transactions. Crypto.News described the second figure as about one in five and described the same 21% waiting on exchange information. Both outlets noted that for 2025 brokers generally reported gross proceeds from covered transactions, meaning what a taxpayer received in a sale, while most forms do not show what the taxpayer originally paid, the cost basis needed to compute a gain or loss. Crypto.News added that the IRS requires digital asset income, gains and losses to be reported even when no 1099-DA arrives. Respondents who filed an extension have until Oct. 15 to submit, and the two accounts do not give further detail on the survey's respondent breakdown or the exchanges involved.
How the story developed
- First report
First report by Cointelegraph
Exchanges reporting crypto gains to IRS becomes tax nightmare
- Update
Awaken Tax conducts August survey of 1,000 US crypto investors
The poll asked filers and extension filers about exchange responsiveness and 1099-DA accuracy during the 2025 filing season.
- Update
Cointelegraph reports 21% still awaiting exchange data and one in five doubting their 1099-DA
The first of the two accounts published details of both survey findings and described the proceeds-versus-cost-basis gap.
- Independent corroboration
Independently corroborated by Crypto.News
Crypto tax forms leave 1 in 5 US investors unsure of accuracy
- Update
Crypto.News corroborates the survey figures and adds the IRS no-form reporting rule
The second account restates the 21% figures and reports that the IRS requires digital asset income, gains and losses to be declared even without a 1099-DA.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 25 Sept 2026, 13:30 UTC: Cointelegraph — 1 independent source, 1 reports
- 25 Sept 2026, 15:21 UTC: Crypto.News — 2 independent sources, 2 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Cointelegraph Crypto media | Exchanges reporting crypto gains to IRS becomes tax nightmare | Original | |
| Crypto.News Crypto media | Crypto tax forms leave 1 in 5 US investors unsure of accuracy | Independent |
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