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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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Top 5 USDT Alternatives: USDC, PYUSD, USDP, GUSD, FDUSD

If you use USDT for trading or payments, you’ve probably wondered what other 1:1 USD stablecoins exist—especially ones with clear reserve disclosures and strong oversight. Below are five widely used, fiat-redeemable options that aim to hold $1.00 at all times, along with what makes each different and when to reach for them.

Before we jump in, a reminder on what “good” looks like for USDT alternatives: transparent, high-quality cash and T-bill reserves, 1:1 redemption with the issuer, frequent attestations or reporting, and—ideally—regulatory supervision. New York’s Department of Financial Services (NYDFS), for example, set guidance that USD-backed stablecoins under its remit must be fully reserved in low-risk, highly liquid assets and redeemable 1:1.

1. USDC — Circle’s fully reserved dollar coin

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