Coinbase says new U.S. tax-reporting rules for crypto are cluttered, confusing

The IRS’s 1099-DA tax form for reporting digital asset gains comes with a burden of over-reporting, Coinbase's tax experts warned. What to know : For the first year of the roll out, exchanges will report only gross crypto transaction gains, leaving customers needing to figure out their cost basis. A very large group of unsuspecting retail customers will be asked to report gains and losses on small transactions, cluttering up the revnue system. The IRS is needlessly including dollar-pegged stablecoins like USDC within its gross reporting, Coinbase said.