Crypto Taxes

Cryptocurrency Tax Rates - How to Calculate Yours

Learn what tax rate you pay on your cryptocurrency. Your crypto tax rate depends on your income level as well as how long you held your cryptocurrency.

Crypto Taxes

January 6, 2021

IRS Updates Guidance on 1040 Cryptocurrency Question

The IRS released further guidance on who needs to answer 'yes' or 'no' to the virtual currency tax question on Form 1040.

Crypto Taxes

January 5, 2021

IRS Notice CP2000 for Cryptocurrency

Learn how to deal with a CP2000 Notice from the IRS as a result of cryptocurrency investment activity.

Crypto Taxes

December 10, 2020

Coinbase to Stop Reporting Form 1099-K to IRS and Customers

Coinbase will no longer be issuing Form 1099-K to the IRS nor qualifying customers. We discuss the tax implications in this blog.

Crypto Taxes

November 25, 2020

IRS Clarifies Who Needs To Answer “Yes” to 1040 Cryptocurrency Tax Question

This article discusses IRS guidance on whether or not you need to answer yes or no to the IRS cryptocurrency tax question on 1040.

Crypto Taxes

October 27, 2020

The Tax Implications of PayPal’s Foray Into Crypto

We take a close look at the tax effects of PayPal’s crypto hub in this article. Millions of potential users who chose to use the service to buy and sell cryptocurrencies will face these tax consequences.

Crypto Taxes

October 21, 2020

The Tax Implications of the Uniswap Airdrop

Learn how the Uniswap airdrops are treated from a tax perspective. The IRS treats cryptocurrency airdrops as income. The amount of income you recognize is equal to the fair market value of the crypto at the time it was received.

Crypto Taxes

October 9, 2020

IRS is Sending Out Thousands More Cryptocurrency Warning Letters

The IRS has begun sending out warning and action letters to suspected cryptocurrency holders similar to the 10,000+ letters they sent at this time last year (August 2019). Letters 6174 and 6173 are two different variations that alert suspected crypto holders of their tax reporting requirements.

Crypto Taxes

August 26, 2020

Over 150 Million Americans Must Report Crypto on Taxes With IRS Update

The IRS has doubled down on its cryptocurrency tax enforcement efforts by moving the infamous cryptocurrency question to the main American tax form: 1040. 

Crypto Taxes

August 24, 2020

Australian Tax Office Targets Cryptocurrency Investors With 350,000 Warning Notices

The Australian Tax Office (ATO) is gearing up to send out close to 350,000 notices to cryptocurrency investors in effort to “remind them” of their tax obligations. This is by far the largest crypto compliance effort conducted by a government to date.

Crypto Taxes

June 30, 2020

How to Do Your Coinbase Taxes

In this guide, we explore how to report your Coinbase taxes properly. Figure out which tax documents you need. No more headaches.

Crypto Taxes

May 21, 2020

How to Report Crypto Losses On Your Taxes

Learn how to handle your bitcoin and crypto losses for tax reporting. This article discusses how to report crypto losses to the IRS as well as strategies for saving you money and using your capital losses to lower your tax bill.

Crypto Taxes

May 12, 2020

Crypto Tax Reporting for Robinhood - Why it Differs From Other Exchanges

Robinhood Crypto does not allow users to transfer crypto into or out of the Robinhood platform. This factor makes tax reporting much different for Robinhood cryptocurrency investors. In this article we address how to handle your Robinhood cryptocurrency transactions for your tax reporting.

Crypto Taxes

March 2, 2020

Does Coinbase Report to the IRS?

In 2019, the IRS made it clear that they are making cryptocurrency tax enforcement a priority. The tax collecting agency sent out over 10,000 warning and action letters to early Coinbase customers who may or may not have been accurately filing their crypto gains and losses on their taxes. These actions from regulators have many U.S. individuals wondering how the IRS is aware of their cryptocurrency transactions and ultimately asking the question: Does Coinbase report to the IRS?

Crypto Taxes

February 13, 2020

IRS Clarifies Crypto Tax Treatment of Like-Kind Exchange, Airdrops, and FBAR Reporting

Key individuals and regulators in the crypto tax space clarified a variety of topics yesterday (Nov. 13, 2019) at the AICPA national tax conference in Washington, DC. Topics of clarification included the tax treatment around 1031 Like-Kind exchange, airdrops, specific identification, and FBAR reporting requirements.

Crypto Taxes

November 14, 2019

150 Million Taxpayers Will Have to Answer This Cryptocurrency Question on New IRS Tax Form

Two days after the IRS released their updated and highly anticipated new cryptocurrency tax guidance in October of 2019, the agency circulated a draft of the new 1040 Schedule 1 for the upcoming 2019 tax season. On this new tax form, which will be filled out by all taxpayers in one way or another (aprox. 150 million), there is a check “yes” or “no” question at the very top:

Crypto Taxes

October 30, 2019

US Residents Losing Access to Poloniex - Here’s How You Should Prepare

Poloniex recently announced that it will be shutting down US operations and no longer provide services to US users. This guide discusses how you should prepare from both a trading and a tax reporting perspective.

Crypto Taxes

October 18, 2019

Breaking Down the New IRS Cryptocurrency Tax Guidance

For the first time since 2014, the IRS has issued new cryptocurrency tax guidance. This guide breaks down everything you need to know.

Crypto Taxes

October 10, 2019

I Paid For Something With Crypto - How Do I Do My Taxes?

Paying for a good or service with crypto is a taxable event and you realize capital gains or capital losses on the payment transaction. These gains and losses need to be reported on your taxes.

Crypto Taxes

October 1, 2019

How are Cryptocurrency Hard Forks Taxed?

In this guide, we explore cryptocurrency forks and the current best practices for handling them from a tax perspective.

Crypto Taxes

September 24, 2019

How To Do Taxes For Your Bitcoin Gains

This guide walks through exactly how cryptocurrencies like bitcoin are treated from a tax perspective. It will also demonstrate how software tools can be used to automate the entire tax reporting process.

Crypto Taxes

September 5, 2019

IRS Letter 6174 & 6173 for Cryptocurrency - What Do I Do?

The IRS is beginning to crackdown on individuals who transacted with Bitcoin and other cryptocurrencies but did not report it on their taxes. 

Crypto Taxes

July 18, 2019

The Cryptocurrency Tax Problem - Why Exchanges Can’t Provide Users With Accurate Tax Documentation

Cryptocurrency exchanges can't provide users with accurate tax documents. This guide breaks down why that is and discuss a solution

Crypto Taxes

June 27, 2019

Reporting Stolen or Lost Cryptocurrency for Tax Purposes

Losing crypto from exchange shutdowns, wallet hacks, scams, and other events are unfortunately common in the world of cryptocurrency today. From a tax perspective, these events are not all treated the same, and it largely depends on the specifics of the circumstances. This guide walks through the most common forms of theft and crypto losses and the possible ways to treat them from a tax perspective in the U.S.

Crypto Taxes

June 19, 2019

How To Do Your Binance Taxes - Building Your Required Crypto Tax Forms

When it comes to doing your Binance taxes and building out your required Binance tax forms, many challenges arise. This article dives into the issue and explains the easiest way to build out your required Binance tax forms.

Crypto Taxes

May 31, 2019

How is Cryptocurrency Taxed?

Cryptocurrencies like bitcoin and ethereum have grown in popularity over the past five years. This article walks through how cryptocurrency is taxed and what you need to understand so that you can stay compliant

Crypto Taxes

May 13, 2019

Cryptocurrency Tax Calculations - FIFO, LIFO, HIFO, and Specific ID

FIFO, LIFO, and HIFO costing methods explained. The new 2019 guidance officially declares that specific identification methods like LIFO (last-in first-out) or HIFO (highest-in first-out) can be used provided that you can specifically identify particular units of cryptocurrency.

Crypto Taxes

April 17, 2019

How to Handle Cryptocurrency Mining and Staking on Your Taxes

Cryptocurrency received from mining or staking is treated in two ways for tax purposes. This article breaks down each of these two taxable events and explains the implications of reporting your crypto and bitcoin mining transactions on your taxes.

Crypto Taxes

April 8, 2019

When Do You Owe Taxes on Your Bitcoin and Cryptocurrency?

This article breaks down taxable events and explains when you do or do not owe capital gains tax on your cryptocurrency transactions.

Crypto Taxes

April 4, 2019

6 Hacks to Decrease Your Crypto Tax Liability

This article walks through six strategies that can be used to decrease your crypto tax liability

Crypto Taxes

March 10, 2019

The Top 5 Mistakes Made When Doing Crypto Taxes

A list of the most common mistakes that we see made when doing crypto taxes

Crypto Taxes

February 18, 2019

Paying Taxes On Bitcoin - Everything You Need to Know

This guide walks through the fundamentals of paying taxes on Bitcoin and other cryptocurrencies

Crypto Taxes

January 5, 2019

How I Filed my Crypto Taxes in 20 Minutes Using CryptoTrader.Tax

I used CryptoTrader.Tax this year to automate the whole process. In this article, I am going to detail exactly how I filed my crypto taxes using the platform.

Crypto Taxes

December 15, 2018

FBAR Reporting Requirements for Cryptocurrency

Does the Report of Foreign Bank and Financial Accounts (FBAR) apply to Cryptocurrency? This is a popular question within the crypto tax community to which no one has a definite answer.

Crypto Taxes

October 21, 2018

Cryptocurrency Tax Laws - Here’s What You Need to Know

This article addresses the current state of cryptocurrency tax laws and outlines the most important elements that you need to be aware of as a market participant.

Crypto Taxes

October 16, 2018

What to do with your 1099-K from Coinbase, Gemini, Kraken, or Coinbase Pro for crypto taxes

What do you do with your 1099-K that you received from your cryptocurrency exchange? This article addresses how to handle the necessary tax forms you need for your crypto taxes

Crypto Taxes

September 29, 2018

The 6 Things you need to know before going to a CPA for your Crypto Taxes

Crypto taxes are the ultimate Wild West right now. Here are six things that you should be aware of before forking over thousands of dollars to a CPA for your crypto taxes.

Crypto Taxes

June 12, 2018

What to Do If You Forgot to Report Your Crypto Trades On Last Year's Tax Return

A lot of crypto investors and traders are nervous about winding up with an audit and tax bill years down the road that they can't afford. The best solution to this is to simply be proactive.

Crypto Taxes

June 3, 2018

Crypto Taxes: Common Questions Answered

The most commonly asked crypto tax questions all answered in one place.

Crypto Taxes

March 10, 2018

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