Article Summary
This article explains the tax forms River may send you, including 1099-DA, 1099-MISC, 1099-INT, and 1099-NEC, based on your previous year's activity.
Depending on your transactional activity during the previous calendar year, you may receive one or more tax forms from River.
River will provide you with any applicable tax forms:
Form 1099-DA
A Form 1099-DA ("Digital Asset Proceeds From Broker Transactions") is an IRS form used to report certain sales or exchanges of digital assets, such as bitcoin, that occur through a broker.
A Form 1099-DA replaces the use of Form 1099-B for digital assets and is specifically designed for cryptocurrency transactions.
When you will receive a Form 1099-DA
You will receive a Form 1099-DA if you had a taxable disposal of bitcoin through a broker during the tax year.
A taxable disposal generally occurs when you give up bitcoin in exchange for something of value through a broker, such as selling, trading, or spending bitcoin.
Examples include:
- Selling bitcoin for cash
- Exchanging bitcoin for another digital asset
- Using bitcoin to pay for goods or services through a broker
- Closing certain broker-facilitated derivative or contract positions involving bitcoin
If bitcoin leaves your possession through a broker in exchange for value, the transaction is generally reportable.
When you will not receive a Form 1099-DA
You will not receive a Form 1099-DA for activity that is not a taxable disposal or does not involve a broker reporting obligation.
This includes:
- Simply holding bitcoin (either inside or outside of a broker environment)
- Transferring bitcoin between wallets you own
- Depositing bitcoin into River (or another platform)
- Receiving bitcoin from:
- Mining (this may be included on a Form 1099-NEC)
- Staking
- Airdrops
- Promotions/rewards (this may be included on a Form 1099-MISC)
- Gifts
- Selling bitcoin outside of a broker's reporting scope
In some cases, a broker may be unable to determine if a transaction meets IRS reporting requirements.
Short-term vs. long-term gains
Whether a gain or loss is considered short-term or long-term depends on how long you held the bitcoin before disposing of it:
- Short-term: held 1 year or less; generally taxed at your ordinary income tax rate
- Long-term: held more than 1 year; generally taxed at lower capital-gains rates
If a single disposal includes bitcoin acquired at different times, your Form 1099-DA may show both short-term and long-term amounts.
Calculating gains or losses
A gain or loss is the difference between your:
- Proceeds: what you received when you sold or exchanged the bitcoin, net of any fees, and
- Cost basis: what you originally paid to acquire the bitcoin
Your Form 1099-DA will include:
- Proceeds from each reported transaction
- The sale date
Your Form 1099-DA may also include, if available or applicable:
- The acquisition date
- The cost basis of the bitcoin*
- The resulting gain or loss*
While visible to you on your 1099-DA, the cost basis of the bitcoin and the resulting gain or loss are not required to be reported by River to the IRS for the 2025 tax year.
If you deposited bitcoin from another exchange or wallet, River may not be able to determine the original cost basis of the bitcoin. In these cases, you are responsible for calculating and reporting the correct cost basis.
For additional context, you can review your River account statements:
- The Summary of Gains and Losses table on page 2, which may include information you provided on deposited bitcoin
- The statement PDF for the month a sale occurred, which shows that month's activity
- Your December 2025 Account Statement PDF, which includes year-to-date totals
A copy of Form 1099-DA is also sent to the IRS. For more information, please visit the IRS website.
Form 1099-MISC
Bitcoin earned through referral rewards and Bitcoin Interest on Cash is generally treated as income. This income is reported on a Form 1099-MISC ("Miscellaneous Income") at the fair market value of the bitcoin when you received it.
When you will receive a Form 1099-MISC
You will receive a Form 1099-MISC if you earned at least $600 in bitcoin from referral rewards or Bitcoin Interest on Cash during the previous calendar year. The value of the bitcoin is measured at the time you receive it.
Form 1099-INT
Cash earned as interest through River is reportable as income on Form 1099-INT ("Interest Income").
When you will receive a Form 1099-INT
You will receive a Form 1099-INT if you earned at least $10 in cash interest through River during the previous calendar year.
Form 1099-NEC
Bitcoin earned through mining is generally treated as income and may be reported on Form 1099-NEC ( "Non-employee Compensation") at the fair market value of the bitcoin on the day you received it.
When you will receive a Form 1099-NEC
If you earned at least $600 of income in bitcoin from mining with River during the previous calendar year, you will receive a Form 1099-NEC.
Taxes are your responsibility. You are responsible for determining and paying any taxes that apply to your activity. River provides tax forms where required but does not calculate your tax liability, determine how your activity is taxed, or file taxes on your behalf. River does not provide investment, financial, tax, or legal advice. Please consult a qualified tax professional for guidance on your specific situation.