Does Crypto.com Report to the IRS?
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Does Crypto.com report to the IRS? Yes, Crypto.com does report certain transaction information to the IRS. Because it is a centralized exchange based in the U.S., it is required by law to report users’ activity with a Form 1099.
When an exchange like Crypto.com issues a Form 1099, they send one copy to the user and one copy to the IRS. If you receive a 1099 from Crypto.com or any exchange, you need to report crypto on your taxes.
For the 2021 tax year, Crypto.com sent Forms 1099-K to investors who made 200 or more transactions, the volume of which equaled $20,000 or more.
It also sent Forms 1099-MISC to U.S. traders who made more than $600 from staking or rewards.
The Biden administration is working on strengthening crypto exchange’s reporting requirements; beginning in 2022, the 1099-K threshold was lowered to trade volumes over $600 (before it was $20,000). Some states had already lowered this threshold. [1]
For more detailed information about crypto 1099s, check out our blog “What is a Crypto 1099?”
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Last reviewed by Hannah Foltz, TokenTax on May 20, 2022 · Sources