KEY TAKEAWAYS
The IRS treats every crypto-to-crypto swap as a taxable disposal event, requiring capital gains or losses calculation based on fair market value. Form 1099-DA reporting began for the 2025 tax year, with centralized exchanges now required to report gross proceeds from all digital asset transactions. Short-term crypto gains on assets held one year or less are taxed at ordinary income rates ranging from 10% to 37%, depending on the …
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