Compliance
US IRS Guidance on Digital Asset Cost Basis and Proposed Regulations under the One, Big, Beautiful Bill
The IRS has issued new digital asset rules and proposed regulations under the One, Big, Beautiful Bill—crucial for anyone dealing in crypto, NFTs, or using brokers.
By NomadicTax Research Team • 5-8 min read • April 11, 2026
## Digital Assets & the IRS: What’s Changed Recently
Recent IRS guidance includes a major update in **Internal Revenue Bulletin 2026-15**. It clarifies how taxpayers should identify units of digital assets traded via brokers for cost basis purposes. A “relief period” runs **January 1 to December 31, 2026**. During this time, you can use your own books and records to identify specific units or use a global allocation method, provided certain conditions apply. ([irs.gov](https://www.irs.gov/irb/2026-15_IRB?utm_source=openai))
Separate regulations under the One, Big, Beautiful Bill (“OBBB”) provide guidance for digital asset brokers to issue **1099-DA statements electronically**, streamlining reporting and ensuring consistency. ([irs.gov](https://www.irs.gov/newsroom/news-releases-for-march-2026?utm_source=openai))
## Key Provisions & Implications
- **Adequate identification**: For digital assets held at brokers, taxpayers must identify which units are sold, transferred, or disposed—date and purchase price suffice under relief rules throughout 2026. ([irs.gov](https://www.irs.gov/irb/2026-15_IRB?utm_source=openai))
- **Cost basis reporting**: Brokers will have expanded obligations under OBBB for reporting gross proceeds via 1099-DA or similar forms electronically. ([irs.gov](https://www.irs.gov/newsroom/news-releases-for-march-2026?utm_source=openai))
- **Relief period** gives taxpayers more flexibility through 2026 to comply while implementing systems are finalized. ([irs.gov](https://www.irs.gov/irb/2026-15_IRB?utm_source=openai))
## Practical Compliance Tips
- Maintain **detailed ledger records** of digital asset purchases—dates, cost basis, wallet/account identifiers.
- Coordinate with broker to understand if they issue 1099-DA or equivalent, and whether they support electronic delivery.
- If transferring assets between wallets or platforms, record the date, amount, and identity to avoid disputes during audits.
- Use the relief period to establish consistent allocation processes—better to start now than scramble in late-2026.
## Example Use Case
> Alex traded multiple NFTs and stuff tokens. Some acquired via exchange A, others via wallet directly. During relief period, Alex identifies sold units by matching his purchase timestamps and prices. Later, when brokering, he checks that exchange issues statements for all disposals. If not, he supports his claims via personal ledger and ensures brokers’ reports align.
Individuals who trade crypto, NFTs, or otherwise have digital assets should act now to align their recordkeeping and reporting to avoid unexpected taxes or penalties later.