Crypto 1099-DA Explained: Why Your Profit Looks Wrong and How to Fix It - Harman CPAs & Associates

This video explains how the 1099-DA works, why crypto profit is frequently overstated, and what steps to take before filing your return. Crypto tax reporting has changed, and many taxpayers are now receiving a 1099-DA for the first time. The 1099-DA reports crypto activity directly to the IRS, but it often does not reflect true crypto profit because cost basis information may be incomplete or missing. When crypto is transferred between platforms, the 1099-DA can make it appear that more crypto profit was earned than actually occurred. Filing crypto taxes using the 1099-DA without reviewing cost basis can result in overstated income, unnecessary tax, penalties, and interest. Please have a tax professional look at your forms for you, the sooner you get a review the better. Feel free to call me at (469) 742-0283 and let’s schedule some time to talk about the crypto-related tax planning strategy that works best for you. Subscribe for more tax and wealth-building strategies every week. Click the following link to sign up for a crypto specific tax strategy call and access premium resources at no cost to you for reaching out to us: https://tally.so/r/GxlXdo --------------------------------------------------------------------------------------------------------- SUBSCRIBE ‪@mckinneytax‬ ~~~~ FOLLOW US: Facebook: https://bit.ly/4sR4FWz LinkedIn: https://bit.ly/3YLQswz ~~~~ CONTACT US Phone: (469) 742-0283 Email: [email protected] Website: https://www.mckinneytax.com/cryptocur... ABOUT JOHN HARMAN John Harman is a CPA and founded Harman CPAs and Associates, one of the most successful tax planning companies in the United States. Learn more at https://www.mckinneytax.com --------------------------------------------------------------------------------------------------------- The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Harman CPAs and Associates, PLLC with its main office at 1402 S Custer Rd, Suite 102 McKinney, TX 75072. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Harman CPAs and Associates, PLLC or any of its employees or CPAs. You should not act or rely on any of the information contained herein without seeking professional legal advice. #taxplanning #CPA #savemoney #coinbase #kraken #1099DA #cryptocurrency #bitcoin