Crypto Tax Forms 2025: How Awaken Simplifies IRS Crypto Tax Reporting
It’s that time of year again — crypto tax season. Whether you traded, staked, or held your digital assets, the IRS wants to know how you used your crypto. Understanding the right crypto tax forms and knowing how to report them is essential to staying compliant and avoiding headaches down the line.
At Awaken.tax, we make it easy for investors and active traders to handle their crypto tax reporting. Let’s break down the IRS forms you’re most likely to see, what they mean, and how our crypto tax software helps you stay ahead.
IRS Forms for Crypto Taxes
Crypto can be taxed in two main ways:
Income (staking rewards, mining, or airdrops)
Capital gains (selling, swapping, or spending crypto)
If you want an in-depth breakdown on how crypto is taxed specifically in the United States, you can read our Crypto Taxes 101 guide. Here are the key IRS forms that come up when filing your crypto taxes:
Form 1099-MISC (Crypto Income)
If you staked crypto or earned rewards valued at over $600, exchanges must issue a 1099-MISC. Even if you earned less, you still need to report it as crypto income tax.
Form 1099-DA (Crypto Sales and Exchanges)
Starting in tax year 2025, exchanges will issue a 1099-DA to report your sales and swaps. In 2025 it will include gross proceeds, and in 2026 it will also include cost basis information. Keeping accurate crypto cost basis tracking now will save you trouble later.
Form 1099-B (Crypto Futures)
If you traded futures on certain platforms, you may also receive a 1099-B.
Beyond Exchange Reports
Exchanges like Coinbase provide reports such as gain/loss summaries or raw transaction logs. While these can be helpful, they only cover activity from that specific exchange. If you use multiple wallets, DeFi, NFTs, or cross-chain activity, you need a more complete view of your crypto tax obligations.
That’s why using a dedicated crypto tax tool like Awaken is critical.
The Importance of Form 8949 for Crypto
When filing, all of your crypto capital gains taxes ultimately flow through IRS Form 8949. This form lists each taxable disposal (sales, swaps, or spending crypto) along with proceeds, cost basis, and net gain or loss.
Awaken.tax automatically generates a clean, consolidated Form 8949 for crypto that you can use directly when filing with the IRS. This means you won’t need to manually reconcile CSVs or worry about missing transactions.
How Awaken Handles Complex Crypto Taxes
Awaken was built for today’s crypto activity, where users don’t just buy and hold — they trade on-chain, stake tokens, use DeFi, and even buy NFTs.
Here’s how our crypto tax software makes filing easier:
Automatic wallet imports: Track transactions across multiple wallets and chains.
DeFi and NFT tax reporting: Handle swaps, liquidity pools, and NFT trades seamlessly.
Cost basis automation: Choose between FIFO, LIFO, or HIFO, all tracked in line with IRS rules.
Compliance-first reporting: Outputs are designed to fit directly into IRS forms like 8949, Schedule D, and 1040.
Filing Crypto Taxes with Confidence
At the end of the day, filing crypto taxes doesn’t need to feel overwhelming. By understanding the IRS forms — 1099-MISC, 1099-DA, 1099-B, and 8949 — and using a purpose-built crypto tax reporting tool like Awaken, you can stay compliant and save time.
Awaken was designed to give you clarity, accuracy, and peace of mind. Whether you’re handling a few trades or thousands of DeFi transactions, we’ve got you covered this crypto tax season.
