Cryptocurrency Tax News

Jan 7th, 2022 — Some U.S. states and territories are more friendly to crypto taxpayers than others. Learn how where you live can lower your tax liability.

Jan 7th, 2022 — Crypto thefts and rug pulls happen. Unfortunately, if it happens to a U.S. taxpayer, claiming a casualty or theft loss on taxes is probably not possible.

Jan 3rd, 2022 — IRAs receive preferential tax treatment from the IRS, so using your IRA to buy crypto may be a tax-friendly long-term investment strategy.

Jan 5th, 2022 — For businesses and select investors, our Enterprise practice offers a dedicated team and tailored crypto tax solutions.

Nov 30th, 2021 — We outline the different categories of crypto loans and how they might (or might not) affect your taxes.

Dec 23rd, 2021 — Different cost basis accounting methods can result in different capital gains totals. Find out more about the LIFO, FIFO, HIFO, and Minimization methods.

Dec 19th, 2021 — We're often asked how investors can minimize their crypto tax bill. Here are our top 5 tips.

Dec 15th, 2021 — Because Binance no longer serves U.S.-based traders, the exchange does not report to the IRS. Learn more about reporting Binance taxes here.

Oct 26th, 2021 — Donating crypto can provide significant tax savings, but the IRS’s reporting requirements can be tricky. Learn more about filing deductions here.

Aug 31st, 2021 — Did you receive an IRS Letter 6173, 6174, or 6174-A or a CP2000 notice for your crypto taxes? Learn what these letters mean and what actions you need to take.

Aug 31st, 2021 — Learn how to handle your crypto taxes if you have lent to margin traders on Bitfinex or used margin exchanges like Bitmex, Bybit, Deribit, and Kraken.

Oct 1st, 2021 — Crypto tax can get a little tricky when it comes to gifts. We explain how taxes work for both giving and receiving gifts of cryptocurrency.

Oct 1st, 2021 — Learn about the IRS' guidance on how crypto airdrops and hard forks are taxed.

Aug 31st, 2021 — Stablecoins, like DAI, USDC, PAX, and USDT, are typically pegged to a fiat currency like the U.S. dollar. Here's how cryptocurrency tax works for these assets.

Jan 5th, 2022 — Earnings from cryptocurrency mining are taxed as income in the United States. Learn more about how to report profits and what expenses might be deductible.

Oct 7th, 2021 — FinCEN has indicated that it will require an FBAR for crypto holdings of $10,000 or more on foreign exchanges. Learn more about the change and how to file.

Jan 5th, 2022 — How is crypto taxed? Rates depend on your income level and how long you held the cryptocurrency. Find out what yours may be.

Nov 23rd, 2021 — Tokens earned from staking and yield farming are taxable, usually as income. Read more about crypto rewards tax treatment.

Jan 2nd, 2022 — Don’t panic if you’ve received a Form 1099-MISC, 1099-K, or 1099-B from a crypto exchange such as Coinbase. Learn what these forms mean for your crypto taxes.

Aug 26th, 2021 — Your tax rate depends on how long you've held an asset. We explain the difference between long-term and short-term capital gains

Nov 26th, 2021 — Crypto debit cards make it easy to use crypto for everyday transactions. We introduce top card providers and discuss what crypto debit cards mean for taxes.

Nov 29th, 2021 — Players are making significant income on Axie Infinity. Learn how to report earnings from axies on your taxes.

Aug 14th, 2021 — Recently, the IRS won John Doe summonses for several major crypto exchanges. We explain what this summons is and what it might mean for you.

Aug 14th, 2021 — There’s a lot of uncertainty about the taxation of DAO (Decentralized Autonomous Organization) profits and payments. We outline what you need to know.

Nov 22nd, 2021 — If you’ve made a transaction on the Ethereum blockchain, you’ve paid gas fees. Learn how these fees may be able to offset your capital gains and income taxes.

Nov 19th, 2021 — Tax authorities, like the IRS or CRA, may audit you if you traded cryptocurrency. Learn what to expect and how to prepare yourself for a crypto tax audit.

Dec 15th, 2021 — Automated crypto bot trading is getting more and more popular. Read our recommendations about which bot strategies and platforms might be best for you.

Nov 23rd, 2021 — Earn cash or crypto with TokenTax’s bitcoin affiliate program. Learn how to create a TokenTax referral link to earn money.

Jan 12th, 2022 — If you're trading crypto on Coinbase, will the IRS receive your transaction data? Read more to find out.

Jan 3rd, 2022 — Interested in using your IRA to buy crypto? We introduce 5 leading IRA providers.

Sep 1st, 2021 — In a new FAQ, the IRS has supplied new answers regarding cryptocurrency tax treatment for situations like crypto hard forks and air drops.

Aug 19th, 2020 — Bittrex is shutting down NY operations. Learn how to get your trade data for taxes if you are a New York Bittrex user.

Nov 30th, 2021 — Thinking about getting a crypto-backed loan? We provide our recommendations on the best DeFi and CeFi lending platforms.

Nov 19th, 2021 — If you are trading, mining, or earning crypto, there could be benefits to creating a business entity. Learn more.

Nov 23rd, 2021 — If you're not finished filing after the tax deadline, you can file an extension or have your crypto tax professional do it for you. Learn the process.

Sep 1st, 2021 — California lawmakers have introduced a bill that would allow cannabis-related business to pay taxes in stablecoins.

Jun 18th, 2021 — Do you need a crypto accountant? Learn the questions to ask when evaluating crypto CPAs.

Aug 31st, 2021 — If you have a complex crypto trading history, missing trade data, or if you’ve been having trouble reconciling your taxes, TokenTax can help.

Jan 6th, 2022 — The IRS prohibits wash sales for financial securities—but does this rule apply to crypto? Learn about proposed legislation and how to play it safe.