US crypto/tax people: with brokers/exchanges having to report crypto transactions in 2025, how do you transfer your cost basis to the exchange, so that they report the right gain/loss? Will there be an option to specify that? Anyone know?

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Afaik their reporting can be ignored so long as your own reporting accounts for any sales. The exchange is not the right place to consolidate your balance sheet if you have activity elsewhere. I just do my crypto books in a spreadsheet and keep records of downloaded tx.

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Sure. Same for me atm. But for 2025, exchanges *must* report and so if theirs don't match yours, that's an issue. But luckily, you don't have to inform them when it's noncovered assets transferred in.

Ah dammit. I think I’ll be most;u noncovered too. Almost all my stuff is transferred in.

But that's a good thing because they don't have to report cost basis on noncovered assets. So, no change necessary vs the old system (keeping track of it yourself and filing it without help of exchanges).