Does Crypto.com Report to the IRS?

Crypto.com is a centralized crypto exchange based in the US, so certain transaction information must be reported to the IRS. This is done through Form 1099. Crypto.com issued Forms 1099-K to investors with 200+ transactions totaling $20,000 or more for the 2023 tax year.

When an exchange like Crypto.com issues Form 1099, they send one copy to the taxpayer and one to the IRS. If you receive a 1099 from Crypto.com or any exchange, you must report crypto on your taxes. In fact, you must report your transactions regardless of whether you receive this form at all.

Crypto.com (a centralized exchange based in the US) must legally report certain transaction information to the IRS. This reporting is done through Form 1099, and users receiving this form must report their crypto activities on their taxes.

For the 2023 tax year, Crypto.com issued Forms 1099-K to investors with 200 or more transactions totaling $20,000. Additionally, Forms 1099-MISC were sent to U.S. traders earning over $600 from staking or rewards. The Biden administration has lowered the 1099-K threshold to trade volumes over $600 starting in 2022.

When an exchange like Crypto.com issues a Form 1099, they send one copy to the user and one to the IRS. You must report crypto on your taxes if you receive a 1099 from Crypto.com or any exchange. For more detailed information about crypto 1099s, see our blog “What is a Crypto 1099?”

About the 1099-DA for crypto

Form 1099-DA is the IRS information return that US digital asset brokers must use to report customers’ sales and exchanges of crypto. For the 2025 tax year (forms furnished in early 2026), 1099-DA is scheduled to report gross proceeds from covered digital asset disposals.

It does not include cost basis for 2025, so you will still need your own records to calculate gains and complete Form 8949 and Schedule D. Beginning with the 2026 tax year (forms furnished in early 2027), 1099-DA is scheduled to include both cost basis and gross proceeds for covered transactions.

Brokers are also required to collect or confirm each customer’s US tax status (for example, W-9 or W-8). Accounts without confirmed status are subject to 24% federal backup withholding on proceeds and may face limited trading access starting January 1, 2027. Separate from 1099-DA, platforms can still issue 1099-MISC for rewards, staking, or similar income. Whether or not you receive any 1099, you must report all taxable crypto activity on your return.

Yes, taxes apply to all transactions on Crypto.com. The IRS requires taxpayers to report cryptocurrency activities. Crypto.com issues Form 1099, which requires users to report their crypto-related income and transactions when filing taxes.

US taxpayers are obligated to report cryptocurrency transactions to the IRS. Crypto.com, like other exchanges, assists users in this process by providing Form 1099, which must be included in tax filings. Complying with IRS regulations is essential to avoid any legal complications related to cryptocurrency transactions.

Lowering your Crypto.com taxes involves strategic planning and careful record-keeping. One effective method is to take advantage of tax-loss harvesting, which involves selling assets at a loss to offset gains. Additionally, holding crypto for more than a year can result in long-term capital gains tax rates, which are typically lower than short-term crypto capital gains rates.

Learn more about how to reduce your crypto taxes.