Crypto exchanges will report your transactions automatically from January 1, 2025. Revise your records and secure relevant proofs now to prevent any issues with the IRS.
The upcoming change is a crucial reminder to reassess and consolidate transaction records well in advance. From my experience navigating past tax season issues, early organization of detailed reports from all your crypto exchanges is essential. It’s helpful to cross-reference data from your transaction logs with bank records to ensure accuracy. Proactive measures such as these have significantly reduced stress during audits in the past. Developing a systematic method now will prevent potential discrepancies and ease communication with tax professionals when preparing your submissions.