According to Bryan Courchesne and Saim Akif, crypto tax preparation is essential for traders due to unique rules that enable efficient strategies like tax-loss harvesting without wash-sale restrictions and direct asset swaps between cryptocurrencies such as BTC to ETH without cash conversion. Courchesne explains that tracking transactions across centralized exchanges (e.g., Coinbase) and decentralized platforms (e.g., Uniswap) is challenging because cost basis doesn't transfer automatically, risking inaccurate reporting and potential audits. Akif notes that new regulations starting in 2025, including mandatory wallet-level cost basis reporting and IRS Form 1099-DA in 2026, require traders to use crypto tax software or specialists to maintain compliance and optimize deductions for active trading.

According to Bryan Courchesne from DAIM and Saim Akif from Akif CPA, crypto tax regulations enable trading advantages like tax-loss harvesting and direct asset swaps between BTC and ETH without cash sales, but require diligent transaction tracking to avoid audits. Courchesne states that centralized exchanges such as Coinbase and Binance often provide incomplete tax summaries, forcing traders to manually track cost basis, while decentralized platforms lack reporting entirely. Akif notes that starting in 2025, wallet-level cost basis reporting will be mandatory, and IRS Form 1099-DA will debut in 2026, urging traders to use crypto tax software or specialists for accurate compliance and deduction optimization.