Kraken Submits 56 Million Crypto Tax Forms to IRS for 2025
- Increased Tax Burden: Kraken has submitted 56 million crypto transaction forms to the IRS, with approximately 18.5 million covering trades under $1, indicating the prevalence of small-value transactions that may lead to higher compliance costs for users.
- Reporting Complexity: Only 8.5% of the new Form 1099-DA filings reported transactions above $600, while 74% reflected transactions at or below $50, resulting in additional time and financial burdens for investors, with estimated annual tax software costs ranging from $250 to $500.
- Lack of Cost Information: Kraken warns that for the 2025 tax period, brokers must report only the sales value of transactions without including the original acquisition cost, causing confusion among clients, especially since even minor crypto payments trigger reporting obligations.
- Concerns Over Staking Income: Staking rewards are taxed as income immediately upon receipt, creating tax liabilities even if tokens are not sold, potentially leading to tax burdens exceeding the actual value of the tokens, prompting Kraken to advocate for broader exemptions for all crypto assets to alleviate user burdens.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for U
Technical Sentiment Analysis for Union (U). As of , Union (U) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 3 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for U stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, U is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Union (U) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.999 | 0.999 | 0.999 | 1 | 1 | 1 | 1.001 |
| Fibonacci | 0.999 | 0.999 | 0.999 | 1 | 1 | 1 | 1 |
About U
About the author
