Coinbase Asks IRS for More Time on Crypto Cost Basis Reporting

One of the largest crytocurrency exchanges in the US is asking the IRS for more time to implement a rule that requires taxpayers to assign value to their specific units of cryptocurrencies.

Taxpayers must specify which cryptocurrency assets have which basis—or the value used to measure gain or loss for tax purposes—to their brokers starting in 2025, according to the final reporting rules for centralized cryptocurrency exchanges released in June.

Coinbase Global Inc. said in an October letter to the IRS that brokers have no way to accept basis information from taxpayers in 2025 because brokers don’t have to track ...