US 1099-DA & Rev Proc 24-28 
Simplified by Kryptos

IRS Form 1099-DA is a new reporting requirement for U.S. brokers to disclose digital asset transactions, including cost basis and holding periods, starting January 2025. Platforms like Coinbase, Kraken, and Binance must file these forms.

Safe Harbor allocation, as outlined in IRS Revenue Procedure 2024-28, allows taxpayers to allocate unused cost basis for digital assets held as of January 1, 2025. This ensures accurate tax reporting and compliance.

Kryptos automates the compliance process by tracking transactions, calculating cost basis, and generating IRS-compliant 1099-DA forms. For Safe Harbor, Kryptos provides tools to inventory assets and allocate unused bases effortlessly.

Failure to comply with 1099-DA reporting or Safe Harbor requirements may result in IRS penalties, inaccurate filings, or audits. Kryptos ensures seamless compliance to help you avoid these risks.

Kryptos supports both FIFO (First-In, First-Out) and specific identification methods, ensuring precise calculation of gains and losses for your IRS filings.

No, only U.S.-based brokers are required to file 1099-DA forms. However, individual taxpayers must ensure their tax filings align with broker-reported data to avoid discrepancies.

Kryptos connects with over 5,000 platforms, including major exchanges (Coinbase, Binance, Kraken), wallets, and DeFi protocols. This ensures all transactions are tracked and categorized automatically.

The deadline to allocate unused basis for Safe Harbor compliance is December 31, 2024. Kryptos simplifies the process with user-friendly tools to ensure timely IRS compliance.

Yes, Kryptos provides real-time analytics and tax-loss harvesting tools to help reduce your tax liability while optimizing your filings for IRS compliance.

Absolutely. Kryptos uses advanced encryption and adheres to industry-leading security standards to protect your personal and financial data. Your privacy and security are our top priorities.