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Don’t Risk It: How to Report Your Crypto Income in 2025

Crypto activity is taxable in most major jurisdictions, but the how differs by country, asset type, and whether gains are capital or ordinary income. Below is a practical, source-driven guide for 2025 covering the United States, United Kingdom, Canada and China—what is taxed, where to report it, and common pitfalls to avoid.

Key principles that apply broadly

• Crypto is not “tax-free.” In the U.S., the IRS classifies digital assets as taxable; you must answer a digital assets question and report gains/losses or income even if you received no 1099.
• Multiple taxable events. Selling for fiat, swapping one coin for another, or using crypto to pay for goods/services are usually taxable events; mining/staking rewards are generally income on receipt. (See country specifics below.)
• Records matter. Keep date/time, cost basis, fair market value at disposal/receipt, and fees. Many countries require you to reconcile totals on capital gains schedules.

United States (IRS)

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