The IRS Form 8949 is now available for 2025 and can be downloaded on the Tax Reports page. While the information reported on Form 8949 is the same as prior years, there is an important structural change in how the forms are generated and delivered. This change was necessary to comply with the IRS's latest 1099-DA rules.
Starting in 2025, you now need to signal to the IRS on the Form 8949 if you are reporting transactions that were reported on the 1099-DA, and whether or not these 1099-DA’s included cost basis information. To comply with these new rules, CoinLedger generates a separate Form 8949 for each wallet or exchange where you have capital gains. For the tax year 2025 and later, you’ll now receive a ZIP folder containing multiple tax reports when generating your Form 8949, instead of receiving one single PDF like in previous years.
CoinLedger offers a seamless experience which allows you to generate your Form 8949's while ensuring that you are in compliance with the latest IRS rules.
All you need to do to comply with the latest IRS rules is complete a brief questionnaire asking if you've received a 1099-DA from each exchange or wallet you used in 2025. Here is what that process looks like:
Step 1
Head to the Tax Reports page and click on the IRS Forms tab. Then, click Generate next to the IRS Form 8949.
The process for generating your IRS Form 8949 Consolidated is the same as the process for the Full 8949. In some cases, you will only see the Consolidated Form 8949 on this page. Learn why that is here. If that is the case, press Generate next to IRS Form 8949 Consolidated.
Step 2
Before answering the questions on this menu, you should head to the 1099-DA Dashboard to upload your 1099 and see how they compare to the data calculated by CoinLedger. Learn more about this process here.
Step 3
Next, you’ll be prompted to generate a Form 8949 for each of the exchanges you used in 2025. To do this, you'll need to answer two brief questions:
1099-DA Status:
I received or expect to receive a 1099-DA without cost basis
I received or expect to receive a 1099-DA with cost basis
I do not expect to receive a 1099-DA
Click here to learn what each of these options mean.
Click here to learn what each of these options mean.
Your selection here determines how transactions from that exchange are reported on the Form 8949. To make this as seamless as possible, CoinLedger pre-fills default selections for exchanges that have publicly shared their 1099-DA reporting plans. In most cases, you’ll simply need to review and confirm the information before generating your forms.
For example, CoinLedger automatically selected "I received or expect to receive a 1099-DA without cost basis" for my Coinbase transactions. Since Coinbase is a centralized exchange who has publicly acknowledged that they are sending Form 1099-DA to their clients in 2026, this is the correct selection, and you are safe to proceed by clicking Generate.
We recommend double-checking your selections on this menu before proceeding to ensure that you are reporting everything to the IRS properly. You can do this by reviewing any Form 1099-DA's you received this year.
If you received a Form 1099-DA without cost basis, select "I received or expect to receive a 1099-DA without cost basis."
If you received a Form 1099-DA with cost basis, select "I received or expect to receive a 1099-DA with cost basis."
If you did not receive a Form 1099-DA for an exchange or wallet you used this year, select "I do not expect to receive a 1099-DA."
We recommend doing this for each exchange/wallet you used last year. You can learn more about which exchanges and wallets are required to report Form 1099-DA here.
8949 Form Options:
Ignore 1099-DA matching data
Generate form using CoinLedger capital gain data
Generate form with 1099-DA reported proceeds
Click here to learn what each of these options mean.
Click here to learn what each of these options mean.
Option 1: Ignore 1099-DA Matching Data
This option generates your tax reports using only CoinLedger's calculated data. The 8949 checkbox for each exchange will be filled out based on your 1099-DA Status selection (whether you received a 1099-DA with cost basis, without cost basis, or no 1099-DA at all). Choose this option if you prefer not to incorporate your 1099-DA information into your tax reports.
Option 2: Generate Form Using CoinLedger Capital Gain Data
This option uses CoinLedger's calculated cost basis and proceeds for every transaction. The checkbox on your Form 8949 is filled out automatically based on whether a matching 1099-DA entry was found for each capital gain. This is a good option if your matches are largely accurate and you trust CoinLedger's calculations.
Option 3: Generate Form with 1099-DA Reported Proceeds
This option uses CoinLedger's cost basis combined with the proceeds reported on your 1099-DA. For transactions where there's a proceeds discrepancy, this option will use the exchange's reported number, which aligns your filing with what was reported to the IRS and can help avoid mismatches that trigger IRS notices. The 8949 checkbox is still filled out based on whether a 1099-DA match was found.
Learn more about these selections here.
🚨 If you are unsure which option to select, we recommend talking to your tax professional. Generally speaking, the safest and most conservative option is Option 3: generating your forms with the 1099-DA's reported proceeds. However, this should not be considered tax advice, and we highly recommend consulting a tax professional if you are unsure on which option to select.
We highly recommend answering these questions before you select Generate.
Step 4
Once you have completed all of your selections, click Generate. You'll receive a ZIP folder containing all of your Form 8949's for this tax year. These are the main files you'll need to report your capital gains or losses from crypto on your taxes.
If you make a mistake or want to regenerate these files, you can restart this process by clicking the Regenerate button shown below.
Stablecoin Transactions
Not all stablecoin transactions appear on the Form 1099-DA. In particular, only specific transactions known as “designated sales” of qualifying stablecoins may be reported, and only when the total proceeds from those sales exceed $10,000 for the year.
Designated sales include disposals of a qualifying stablecoin for fiat currency or for another qualifying stablecoin (for example, trading USDC for USD, or trading USDC for USDT). If the aggregate proceeds from these designated sales do not exceed $10,000, crypto exchanges can omit them entirely from the 1099-DA, even though the transactions are still taxable and must be reported by the taxpayer.
To ensure that no reportable stablecoin transactions are missing from your tax filing, CoinLedger may generate a separate Form 8949 specifically for stablecoin activity. This additional Form 8949 will be marked with a different box depending on whether these transactions are reported on the 1099-DA. For example, if the proceeds of your designated stablecoin sales exceed $10,000, they will be included on your 1099-DA as a single line item. Your Form 8949 from CoinLedger will include these transactions with either Box H or K checked.
If your proceeds from designated stablecoin sales do not exceed $10,000 - or if you had taxable stablecoin dispositions that exchanges often do not report such as trading a stablecoin for another crypto asset - these transactions will be included on a separate Form 8949 with either Box I or L checked.
Even if your stablecoin transactions do not appear on a Form 1099-DA, they remain taxable events and must still be reported on your tax return.
To learn more about which tax reports you should give to your tax professional, see this guide.