US Crypto Tax
Answers to commonly asked questions about US Crypto taxes.
By Scott1 author11 articles
- How Should I Answer the Digital Asset Question on Form 1040?The IRS digital asset question on Form 1040: when to check Yes, and when you can answer No.
- How crypto tax is calculated in the USHow US federal tax on crypto is worked out: disposals, cost basis, the default FIFO method and Form 1099-DA reporting.
- Which taxes apply to cryptocurrency that I have received or earned in the US?Find out which taxes apply to crypto that you have not “bought”
- What is classed as a taxable event for cryptocurrencies?Is selling to fiat taxable? Is trading crypto to another crypto a taxable event? Find out here!
- When crypto gains become taxable in the USWhether there is a minimum profit before US crypto tax applies, and what decides if a gain is taxable.
- Can I use cryptocurrency losses to offset taxable gains?If you lost money on some cryptocurrency you sold, it could offset any taxes you owe for cryptocurrency you sold for a profit.
- Cost basis methods for US cryptocurrency taxFIFO, specific identification, HIFO and LIFO under the 2025 wallet-by-wallet rules, and how to choose a method in Recap.
- How should I keep track of my crypto trades for tax purposes?Find out the information that the IRS requires on your crypto trades in order to file your taxes
- Why a tax bill can exceed the current value of a portfolio (US)Why a US tax bill on crypto gains can be larger than the portfolio is now worth, with a worked example and what to do if it happens.
- How do forks impact crypto taxation?How the IRS treats new coins from a hard fork: ordinary income at fair market value once you have dominion and control, which then becomes the cost basis.
- How is staking treated for US crypto taxation?How the IRS taxes staking rewards: income at fair market value when you gain dominion and control, under Revenue Ruling 2023-14.