A Beginner’s Guide to Crypto Taxes: What If You Don’t Pay
Is crypto taxable in the US?
In the U.S., the IRS treats digital assets (like cryptocurrency and NFTs) as property. Selling for dollars, swapping one token for another, or spending crypto usually creates a capital gain or loss. Income you earn in crypto—staking rewards, mining, airdrops, interest—generally counts as ordinary income at the moment you control it. The IRS asks about this directly on Form 1040’s “digital assets” question.
The IRS even issued a specific ruling for proof-of-stake: rewards are taxable when you have dominion and control(that is, when you can move or sell them).
If you dispose of crypto, you typically report it on Form 8949 and Schedule D—the same forms used for stocks.
What actually happens if you don’t report?
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