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A majority of crypto users remain unclear on basic tax rules, with fewer than half correctly identifying when transactions become taxable, a new survey found. Only 49% of respondents correctly understand that crypto becomes taxable when it is sold, while nearly a quarter believe simple transfers can trigger tax events,The findings come from a survey of 3,000 US crypto users conducted between Sept.
9 and Oct. 3, ahead of the 2025 tax reporting season.The survey noted that crypto investors show a clear willingness to comply with tax rules, with 74% saying they are aware that crypto is taxable, while 65% said they have already reported activity in the past. “This refutes the misconception of widespread crypto tax avoidance,” the survey states.New IRS rules complicate tax reporting The survey also pointed to some key challenges complicating crypto tax reporting. For one, crypto investors often hold assets across multiple platforms, with an average of 2.5 wallets or exchanges and 83% using self-custody. This fragmentation makes it harder to track cost basis, which is needed to calculate gains and losses.but won’t include cost basis, leaving users to reconcile transactions themselves across platforms that don’t share data.Despite these challenges, most users rely on traditional tools. Around 78% use general tax software and 52% turn to accountants, while only 8% use crypto-specific tax services. At the same time, interest in AI is growing, with nearly half of respondents saying they would use it to calculate taxes and 30% open to relying on it for the entire process.proposed new rules that would require crypto exchanges to deliver tax forms electronically, removing the option for paper copies. Under the proposal, brokers could end relationships with users who refuse digital delivery, and users would no longer be able to withdraw consent once given. Exchanges must continue issuing Form 1099-DA to report transaction proceeds, though cost basis tracking will remain the responsibility of investors.
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Aaron Wood`s articles on CointelegraphAaron Wood is a staff writer at Cointelegraph. He is a senior features writer covering cryptocurrency-related policy, regulation, politics, and energy usage.
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