Binance.US Form 1099-DA (Investor’s Guide 2026)

What is Form 1099-DA?

Form 1099-DA is a tax form that centralized exchanges like Binance.US send to both customers and the IRS. The form is designed to report capital gains and losses from cryptocurrency transactions. Form 1099-DA helps the IRS verify that crypto investors are accurately reporting their taxable income. 

For the 2025 tax year, exchanges are not required to track and report cost basis (which means that in some cases, your form could be inaccurate).

Is Form 1099-DA enough to file my taxes?

No. Form 1099-DA is an informational form. Even if you receive the form, you are required to calculate your capital gains and losses and report them on Form 8949.

In addition, information on Form 1099-DA can be inaccurate. Simply copying the numbers from the form without double-checking could cause you to overpay on your taxes.

What issues are Binance.US users facing with Form 1099-DA?

Incorrect cost basis

Cost basis information can be incorrect on Form 1099-DA. This typically happens if you transferred crypto into/out of your exchange. 

In this example, your actual capital gain is $65,000. However, if you have no record of your original cost basis, you may owe taxes on the full $95,000. 

Remember, these issues are not the fault of Binance.US. Cost basis errors occur due to cryptocurrency's transferability. Remember, Binance.US does not have visibility into transactions on other platforms. 

Luckily, the fix for cost basis issues is simple. In situations like these, there’s no need to request a corrected Form 1099-DA from Binance.US.

Under current IRS guidelines, you are allowed to report your own cost basis on Form 8949, provided that you have supporting transaction records.

Form 1099-DA vs. Form 1099-MISC

Binance.US issues Form 1099-DA and Form 1099-MISC. These tax forms cover different types of taxable income. 

Form 1099-DA covers proceeds from cryptocurrency disposals. Examples of disposals include selling your cryptocurrency or trading one cryptocurrency for another. 

Form 1099-MISC covers ordinary income, like staking rewards and referral bonuses. You'll receive a 1099-MISC from Binance.US if you earned $600 or more of income on the platform during the tax year.

Who receives a Binance.US 1099-DA?

Any Binance.US user who sold, traded, or otherwise disposed of crypto during the 2025 tax year will receive a Form 1099-DA. Simply buying and holding crypto does not trigger the form. 

There is no minimum dollar threshold for receiving Form 1099-DA. 

When will I get my Binance.US Form 1099-DA?

Binance.US makes tax forms available before mid-February each year. You can download your Form 1099-DA in the ‘Reports’ section of your Binance.US account. 

What information does Binance.US report on Form 1099-DA?

Information included

Your Form 1099-DA from Binance.US will include the cryptocurrency sold, transaction dates, gross proceeds, fees, and your account and taxpayer information.

Important information not included

Form 1099-DA will not include the cost basis for crypto you transferred in from another exchange or wallet. Any activity from other platforms, exchanges, DeFi apps, and self-custody wallets will not appear. 

How to calculate your actual crypto gains

Want to get an accurate record of your gains and losses across Binance.US and your other wallets/exchanges? Here's how CoinLedger can help.

Step 1: Import your transactions

Connect your Binance.US account to CoinLedger via API or CSV. Then, you can import your other wallets and exchanges so that you have a complete record of your gains, losses, and cost basis.

Step 2: Double-check your transactions

Verify that each transaction is classified correctly, and that your gain and loss calculations are accurate. CoinLedger flags missing cost basis and errors before you download your report, so you can fix problems before you file.

Step 3: File your tax return

CoinLedger will automatically generate your Form 8949 and Schedule D. Then, you can send your completed report directly to your accountant or export it to tax filing platforms like TurboTax or H&R Block.

What if my proceeds don't match my records?

There may be minor differences between the proceeds on your Form 1099-DA and what your own records show. 

The most common reason for this problem is that Binance.US may have used a different cryptocurrency price oracle to value crypto transactions. When there's a discrepancy, always follow the proceeds figures on your Form 1099-DA, since these are the numbers the IRS has on file.

What do I do if my Binance.US Form 1099-DA is completely wrong?

In some cases, your Form 1099-DA may contain grossly inaccurate information. This includes transactions that never occurred or significant discrepancies in proceeds.

If you're in this situation, here are some steps you can take: 

1. Contact Binance.US support: Request a corrected 1099-DA and document your attempts to resolve the issue. This demonstrates a good faith effort to resolve the issue.
2. Find your true capital gains and losses: Calculate your actual tax liability using complete records from Binance.US and all of your other wallets and exchanges.
3. Consider filing an extension: A tax extension can give you more time to obtain a corrected form.
4. File with accurate information: Report your corrected figures on Form 8949. You can attach a brief explanation noting the error and the steps you took to address it.

Note: If your cost basis is reported wrong (not your proceeds), there's no need to request a corrected form. Simply report your accurate cost basis on Form 8949.

What cost basis method can you use?

Binance.US supports cost basis methods like FIFO, LIFO, and HIFO. 

These cost basis methods determine the order in which your cryptocurrency is sold. 

Remember, the cost basis method set on your Binance.US account is the same method used to calculate your proceeds on Form 1099-DA. You should follow the same method on your tax return to make sure that your calculations are consistent. 

Can I get a warning letter for Form 1099-DA?

Binance.US sends a copy of your Form 1099-DA directly to the IRS. If there are major differences between the proceeds numbers on the form and the proceeds numbers you report, your tax return could be flagged by the IRS. 

You could receive an IRS CP2000 notice (a letter proposing additional tax owed), fines and penalties, or in serious cases, an audit.

Get started with a free account today 

Need help reporting your gains and losses from crypto? Try CoinLedger. 

Over 700,000 investors use CoinLedger to generate a complete tax report in minutes. The platform connects Binance.US and hundreds of other exchanges, pulling together a complete record of your gains and losses in minutes. 

Get started with a free account today.