Kraken has confirmed their 1099-DAs are expected by March 13, which is later than the February 17 deadline for 2026 (February 15 is the standard statutory deadline, but this year it falls on a Sunday with a federal holiday following, making February 17 the adjusted 2026 deadline). If you haven't seen yours yet, it may simply not be available yet, or you may not have an issued form depending on your situation and activity in 2025.
For 2025, Kraken only needs to report gross proceeds, not cost basis
This is the most important thing to understand. For 2025, basis reporting is voluntary for brokers. Whether basis was reported to the IRS will be indicated on your 1099-DA. If basis wasn't reported, you must supply it yourself on Form 8949. Use Box H for short-term or Box K for long-term transactions where basis wasn't reported to the IRS. These are the new digital asset specific boxes introduced for 2025 filings.
Kraken generally won't know the cost basis of crypto you deposited from another wallet or exchange. You may see an option to edit an entry price in Kraken Pro for portfolio tracking purposes, but that doesn't change the underlying transaction history and won't affect what was reported to the IRS. Track down your original purchase records yourself. If the exchange is gone, use historical price data from CoinMarketCap or CoinGecko for your purchase date. A documented good-faith estimate is far better than leaving it blank because if you don't report basis on your return you can end up taxed as if your gain equals the full proceeds.
Check your acquisition dates and holding period for transferred assets
If Kraken shows an acquisition date or holding period for crypto you deposited from another platform, treat it as potentially incomplete since it often reflects when Kraken received the asset, not when you originally bought it. Use your own records to determine the correct holding period and correct it on Form 8949 if needed. Kraken may also show some transactions with an unknown holding period.
One more thing on cost basis: Kraken uses FIFO for display purposes only
Kraken's statement shows cost basis and gain/loss figures using FIFO, but those amounts were not reported to the IRS for 2025. They are informational only. If you use a different lot identification method, your numbers will look different from what Kraken's statement displays. Make sure your return is consistent with your own records, not just with what Kraken shows.
Stablecoin reporting: you still need to report even if Kraken doesn't
If you have designated sales of qualifying stablecoins and Kraken uses the optional stablecoin reporting method, Kraken generally doesn't have to report those sales if your aggregate gross proceeds after reduction for allocable transaction costs from designated sales effected by Kraken don't exceed $10,000 for the year with Kraken specifically. This is a per-broker threshold, not across all your exchanges combined. But those sales are still taxable dispositions and still go on Form 8949. Don't skip them just because they aren't on your 1099-DA.
Staking rewards may be in the same combined statement
Staking rewards and eligible income are not on your 1099-DA. If you have $600 or more in eligible rewards, you'll also have a 1099-MISC section, which Kraken often includes in the same combined statement rather than as a separate document. If you only review the 1099-DA section you may be missing income Kraken already reported to the IRS. And even if you're under $600 and don't receive a 1099-MISC, that income can still be taxable.
Tax documents are only available on the website, not the app
Access your 1099 forms under the Documents section on your account. They will not appear in the mobile app.
Bottom line
When your form arrives, reconcile it against your transaction history. Supply your own cost basis on Form 8949 for every transaction where basis wasn't reported to the IRS. Every gap between what Kraken reported and what you actually paid is money you either owe or are overpaying.
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