U.S. Digital Asset Holders Must Submit 2025 Tax Returns by October 15, 2026

U.S. digital asset holders who apply for an extension this year must submit their 2025 federal tax returns by October 15, 2026. This date marks the automatic six-month extension deadline following the application for Form 4868. The extension only covers the filing, and any taxes owed must be estimated and paid by April 2026; unpaid balances will incur interest and penalties. Brokers have begun reporting 2025 transactions on Form 1099-DA, allowing taxpayers to verify income amounts, although cost basis may be incomplete. In mid-September, the Senate failed to advance the CLARITY Act with a vote of 49 to 50. The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will continue to develop rules regarding trading, custody, and related issues rather than wait for Congress. Late filing penalties start at 5% of unpaid taxes per month, capped at 25%, with a minimum penalty applicable after 60 days.

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