Memecoin taxes in the US
The IRS treats digital assets as property. Selling a memecoin, or swapping it for another token, is generally a taxable disposal with a capital gain or loss. Brokers now report some of these trades on Form 1099-DA, but you must report your trades whether or not you get a form. This is general information, not tax advice.
How trades are taxed
The IRS says income from digital assets is taxable and that transactions must be reported whether or not they produce a gain or loss. Held for personal or investment use, gains and losses are generally capital: short-term if held one year or less, long-term if more than one year. Moving assets between wallets you control is not a sale, but you answer Yes to the Form 1040 digital-asset question if you sold, exchanged or otherwise disposed of any. Sales go on Form 8949. See crypto tax for more on basis and records.
What Form 1099-DA reports
Form 1099-DA is issued by brokers. The IRS says brokers report gross proceeds for transactions on or after January 1, 2025, and report basis for certain transactions on or after January 1, 2026. The 2026 instructions define a covered security as a digital asset acquired after 2025 in an account where the broker provided custodial services and held it until sale. Basis reporting applies to those; for other assets the broker may report basis voluntarily.
For 2025 transactions reported in 2026, the IRS says it will not penalize brokers who make a good-faith effort. Generally only U.S. brokers must file, so a foreign exchange may send no form. You still calculate basis and report the trade yourself.
What about DeFi and self-custody
A 2024 Treasury rule would have extended broker reporting to DeFi platforms. Congress overturned it with H.J.Res.25 under the Congressional Review Act, signed April 10, 2025, according to the House Ways and Means Committee. The rule was formally removed from the Code of Federal Regulations in July 2025, per secondary reporting. Trades on a DEX or from your own wallet have no 1099-DA from that platform, but they are still taxable and reportable by you. Tools such as Koinly or CoinLedger can import wallet history. Ask a tax professional about your situation.
Where this shows up
- Koinly — Traders who want to import everything and see their gains before paying, including Solana wallet users syncing by public address.
- CoinLedger — US and international crypto holders who want free tracking and a flat one-time price per report, with a 14-day money-back guarantee.
- CoinTracker — Holders and traders who want a portfolio tracker plus tax forms, and active Solana users who prefer syncing a public address.
- Coinbase — Beginners in the US, UK or EU who want a regulated, KYC'd on-ramp with bank funding, and who can trade onchain Base/Solana tokens in the same app.
- Robinhood — US users who already invest with Robinhood and want a simple way to buy major coins and listed memecoins (DOGE, SHIB, PEPE, BONK, WIF, TRUMP) without a separate exchange account.
Sources
Last checked . Fees and terms change often; the venue's own page wins if it disagrees with ours.
- Digital assets (IRS) — checked 2026-10-17
- Understanding your Form 1099-DA (IRS) — checked 2026-10-17
- Instructions for Form 1099-DA (2026) (IRS) — checked 2026-10-17
- President Trump signs resolution overturning the IRS DeFi broker rule (House Ways and Means) — checked 2026-10-17