Records of digital asset acquisitions, dispositions, values, and basis used to substantiate tax reporting.
The IRS default for undocumented basis is zero, so records are the difference between paying tax on gain and paying tax on the whole sale. Since 2025 the records also have to show which wallet held each lot and which lot was sold.
Date and cost of each acquisition, date and proceeds of each disposition, the wallet or account each lot sat in, and the fair market value used for any income event, kept for at least three years after filing.
Source: IRC 6001; IRS FAQ on virtual currency transactions (recordkeeping)
Last reviewed September 18, 2026. Tax rules change; confirm current law before acting.
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