Does Crypto.com Report to the IRS?
Have you traded on Crypto.com? You may be receiving a crypto 1099. Learn more.
TokenTax content follows strict guidelines for editorial accuracy and integrity.
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?”
To stay up to date on the latest, follow TokenTax on Twitter @tokentax.
Related Content
References
Last reviewed by Hannah Foltz, TokenTax on May 20, 2022 · Sources