Cryptocurrency Tax News
The latest developments in crypto tax
Crypto-Friendly States: Which Are Best for Your Taxes?
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.
Can I Deduct Crypto Hacks and Scams from My Taxes?
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.
Cryptocurrency IRAs and Your Taxes
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.
Introducing TokenTax’s Enterprise Offering
Jan 5th, 2022 — For businesses and select investors, our Enterprise practice offers a dedicated team and tailored crypto tax solutions.
Crypto Loans and Your Taxes
Nov 30th, 2021 — We outline the different categories of crypto loans and how they might (or might not) affect your taxes.
Crypto Accounting Methods: LIFO, FIFO, HIFO & More
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.
How to Reduce Your Crypto Taxes
Dec 19th, 2021 — We're often asked how investors can minimize their crypto tax bill. Here are our top 5 tips.
Does Binance Report to the IRS?
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.
Tax Deductions for Crypto Donations
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.
IRS Letters 6173, 6174, and CP2000 and Crypto Assets
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.
Taxes on Crypto Margins Trading
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.
How Crypto Gifts Are Taxed
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.
How Crypto Hard Forks and Airdrops Are Taxed
Oct 1st, 2021 — Learn about the IRS' guidance on how crypto airdrops and hard forks are taxed.
How Are Stablecoins 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.
Intro to Crypto Mining Taxes
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.
How to File an FBAR for a Crypto Exchange
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.
What Are The Crypto Tax Rates?
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.
Taxes on Crypto Rewards: DeFi Staking, LP Tokens & More
Nov 23rd, 2021 — Tokens earned from staking and yield farming are taxable, usually as income. Read more about crypto rewards tax treatment.
What To Do With a Crypto 1099
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.
Explaining Short-Term and Long-Term Capital Gains
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
6 Best Crypto Debit Cards: Benefits and Tax Implications
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.
Axie Infinity Taxes: What You Need to Know
Nov 29th, 2021 — Players are making significant income on Axie Infinity. Learn how to report earnings from axies on your taxes.
What Does a John Doe Summons Mean for Crypto Investors?
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.
DAO Taxes: What We Know So Far
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.
Are Ethereum (ETH) Gas Fees Tax Deductible?
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.
What to Expect From an IRS Crypto Audit
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.
9 Best Crypto Trading Bots
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.
The TokenTax Cryptocurrency Affiliate Program
Nov 23rd, 2021 — Earn cash or crypto with TokenTax’s bitcoin affiliate program. Learn how to create a TokenTax referral link to earn money.
Does Coinbase Report to the IRS?
Jan 12th, 2022 — If you're trading crypto on Coinbase, will the IRS receive your transaction data? Read more to find out.
5 Best Crypto IRAs
Jan 3rd, 2022 — Interested in using your IRA to buy crypto? We introduce 5 leading IRA providers.
The IRS Has Released New Crypto Tax Guidance
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.
Bittrex Is Shutting Down in New York. It's Important to Save Your Transaction Data: Here's How
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.
7 Best Crypto Lending Platforms
Nov 30th, 2021 — Thinking about getting a crypto-backed loan? We provide our recommendations on the best DeFi and CeFi lending platforms.
Pros and Cons of Creating an LLC or Corporation for Crypto
Nov 19th, 2021 — If you are trading, mining, or earning crypto, there could be benefits to creating a business entity. Learn more.
How to File a Tax Extension
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.
California May Legalize Crypto for Cannabis Tax Payments
Sep 1st, 2021 — California lawmakers have introduced a bill that would allow cannabis-related business to pay taxes in stablecoins.
How To Find a Crypto Accountant
Jun 18th, 2021 — Do you need a crypto accountant? Learn the questions to ask when evaluating crypto CPAs.
How Advanced Crypto Tax Reconciliation Can Help
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.
Does the Wash Sale Rule Apply to Crypto?
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.