US 1099-DA & Rev Proc 24-28 Simplified by Kryptos
The new crypto tax regulations in the USA, outlined in Rev. Proc. 2024-28, including 1099-DA reporting and Safe Harbor allocations, are transforming digital asset compliance, impacting over 50 million users nationwide. Kryptos equips you with the tools to meet these requirements with precision, security, and confidence.
Trusted by leading investors and partners
The Timeline of Compliance
2024
By December 31, 2024
January 2025
January 2026
Start preparing for 1099-DA and Safe Harbor requirements with Kryptos.
Deadline to inventory assets and allocate unused basis for Safe Harbor compliance.
Brokers begin reporting transactions to the IRS.
First 1099-DA forms issued for the 2025 tax year.
UNDERSTAND NEW RULES
Stay Compliant, Stay Ahead:
Master the 1099-DA Era of Crypto Taxation
The IRS is implementing major updates that significantly affect crypto investors, traders, and brokers:
Mandatory 1099-DA Reporting
Beginning January 2026, U.S. brokers such as Coinbase, Kraken, Binance and other centralized platforms must report user transactions to the IRS using the new 1099-DA form.
The form will include detailed information about digital asset transactions, cost basis, and holding periods.
With Kryptos, brokers can streamline compliance effortlessly.
Our platform automates transaction data management, generates accurate 1099-DA forms, and provides ready-to-submit reports, reducing manual effort and ensuring precision in IRS submissions.
The form will include detailed information about digital asset transactions, cost basis, and holding periods.
With Kryptos, brokers can streamline compliance effortlessly.
Our platform automates transaction data management, generates accurate 1099-DA forms, and provides ready-to-submit reports, reducing manual effort and ensuring precision in IRS submissions.
Wallet Based Cost Basis Tracking
The IRS now requires taxpayers to calculate cost basis—how much was paid for an asset—on a wallet-by-wallet basis, replacing the universal cost-basis method. Taxpayers must use either specific identification or FIFO (First-In, First-Out) to ensure accurate reporting of gains and losses.
Kryptos simplifies this transition by automating wallet-by-wallet cost basis calculations, ensuring compliance with IRS regulations while saving time and reducing errors.
Kryptos simplifies this transition by automating wallet-by-wallet cost basis calculations, ensuring compliance with IRS regulations while saving time and reducing errors.
Safe Harbor Allocations
By December 31, 2024 or before the first trade in 2025, taxpayers must allocate any unused basis for digital assets held as of January 1, 2025, in accordance with IRS Revenue Procedure 2024-28. This safe harbor allocation plan allows taxpayers to reasonably allocate unused basis to digital assets within each wallet or account, ensuring compliance with the new regulations.
Kryptos provides tools to automate this process and generate IRS-appropriate records. These updates represent the most comprehensive shift in crypto taxation since 2014. Learn how Kryptos prepares you for these changes on our Safe Harbor Allocation Guide.
Kryptos provides tools to automate this process and generate IRS-appropriate records. These updates represent the most comprehensive shift in crypto taxation since 2014. Learn how Kryptos prepares you for these changes on our Safe Harbor Allocation Guide.
One Solution for All Your Compliance Needs
For Individuals - Kryptos
- Connects to wallets and exchanges for real-time tracking of crypto holdings.
- Automates Safe Harbor allocations and unused cost basis adjustments.
- Calculates cost basis using methods like FIFO and specific identification.
- Generates gain/loss reports optimized for accurate tax filings.
- Offers advanced tools like tax-loss harvesting to reduce liabilities and enhance compliance.
For Brokers - Kryptos
- Syncs and consolidates transaction data from supported exchanges and wallets.
- Automates the creation of IRS-compliant 1099-DA forms with detailed transaction histories.
- Provides accurate gain/loss reports tailored for IRS requirements.
- Reduces manual reporting efforts with seamless automation tools.
- Ensures smooth and accurate IRS reporting with compliance-ready documentation.
Your Step-by-Step Roadmap to Compliance
Kryptos stands as the leading solution for navigating these changes, ensuring that you’re not just compliant but ahead of the curve.
Step 0
1
Understand Your Obligations
Educate yourself on 1099-DA and Safe Harbor requirements, starting with Kryptos’s expert guides.
Step 0
1
Sign in or Sign up
Effortlessly connect all your wallets, exchanges, and digital assets in one unified platform. Gain complete visibility and control over your Web3 financial portfolio.
Step 0
2
Integrate Your Data
Use Kryptos to connect your wallets and exchanges, automatically syncing transactions and assets.
Step 0
2
Connect your accounts
Automatically categorise all your crypto transactions with precision, ensuring seamless compliance with UK tax regulations. Stay ahead with accurate reporting.
Step 0
3
Allocate Unused Basis
Utilize Kryptos’s Safe Harbor tools to ensure IRS compliance by the December 31, 2024 deadline.
Step 0
3
Generate reports in secs
Generate HMRC-ready reports with ease, including detailed insights into when and how to pay taxes on your crypto holdings in the UK.
Step 0
4
Generate Reports
Produce accurate, IRS-ready forms to avoid penalties and simplify tax filing.
WHY KRYPTOS
The IRS Updates the Rules, Kryptos Redefines Compliance
Overall Portfolio
Gains
Automated Gain & Loss Calculations
Track your entire portfolio, PnL and tax liability all in the same place.
5000+ Integrations support
Sit back and relax as we offer custom integration support as well.
Kraken
Bitcoin
Ethereum
Coinbase
MetaMask
Kraken
Bitcoin
Ethereum
Coinbase
MetaMask
Kraken
Bitcoin
Ethereum
Coinbase
MetaMask
SafePal
1inch
Avalanche
Polygon
Kucoin
SafePal
1inch
Avalanche
Polygon
Kucoin
SafePal
1inch
Avalanche
Polygon
Kucoin
Uniswap
Binance
Crypto.com
Gate.io
Nexo
Uniswap
Binance
Crypto.com
Gate.io
Nexo
Uniswap
Binance
Crypto.com
Gate.io
Nexo
Solana
Helium
Bitstamp
MEXC
Crypto.com
Solana
Helium
Bitstamp
MEXC
Crypto.com
Solana
Helium
Bitstamp
MEXC
Crypto.com
Tailored for U.S. Regulations
Designed specifically to handle the intricacies of IRS requirements, from cost basis calculations to transaction history.
Industry Expertise
Kryptos is the first platform fully compliant with 1099-DA and Safe Harbor regulations, backed by years of experience in Web3 finance.
$80, 404
Cost Basis
$55,167
Realized Gains
Cost Basis:
$80, 404
Proceeds:
$80, 404
Download tax report:
Lightning fast reports
Generate accurate Tax Reports for FREE*
Harvest Losses
Kryptos Tax Loss Harvesting feature helps you "turn losses into gains"
Frequently asked questions
What is IRS Form 1099-DA, and who needs to comply?
What is Safe Harbor allocation in crypto taxes?
How does Kryptos simplify 1099-DA and Safe Harbor compliance?
What are the penalties for not complying with IRS 1099-DA or Safe Harbor rules?
How does Kryptos handle cost basis tracking for crypto taxes?
OUR RESOURCES
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