What’s New

New codes to use for reporting digital asset transactions.

Codes G, H, I, J, K, and L were added to lines 1b, 2, 3, 8b, 9, and 10 to represent the reporting of digital asset transactions. See Form 1099-DA and Form 8949 and their instructions for additional information regarding digital assets.

Deferral of gain invested in a qualified opportunity fund (QOF).

Taxpayers who made a deferral election in a QOF that meets the 7-year holding period threshold may be eligible for a basis adjustment. See Form 8997 and its instructions for additional information regarding QOFs.