Use Crypto.com and unsure how to report your activity for your taxes? Don’t worry—our guide will answer your Crypto.com tax questions and save you a headache when you file your tax return.
How Are Transactions on Crypto.com Taxed?
Your activity on Crypto.com may have U.S. tax implications affecting the amount you owe the IRS or the state(s) you file in. We’ll go through a list of taxable transactions and explain how they are taxed so you know how to report your Crypto.com taxes.
- Trading digital assets: Each time you sell a cryptocurrency for USD or exchange a cryptocurrency for another cryptocurrency, you have a taxable transaction.
How Trades Are Taxed: The net amount of your proceeds, minus your cost basis, from the sale of cryptocurrency is treated as a capital gain or loss. If you’ve held the asset you sold for one year or less, it’s considered a short-term capital gain or loss, and if you held it for more than one year, it’s a long-term capital gain or loss. Short-term capital gains are taxed at your ordinary tax rates (the same as your wages or interest income), and long-term capital gains are taxed at preferential tax rates based on your income level (0%, 15%, or 20%).
- Rewards: receiving rewards on Crypto.com for referrals, Earn, staking, mining, or other activities are considered taxable income.
How Rewards Are Taxed: For most individuals, your Crypto.com rewards are taxed as ordinary income on your tax return at the same tax rate as your wages, interest income, or short-term capital gains. If you consider your crypto activity a business activity, you report the rewards on Schedule C as self-employment income subject to self-employment taxes.
What Crypto.com Tax Documents Will I Receive?
Crypto.com sends users tax forms based on their taxable activity on the platform during the tax year.
- Crypto.com Form 1099-MISC: Reports rewards of $600 or more
- Crypto.com Form 1099-B: Only if U.S. individuals traded contracts during the year
<div style="background-color: #ffffcc; padding: 10px; border: 3px solid #f7d477; margin-bottom: 10px;"><b>Pro Tip:</b> Beginning in 2026, <a href="/form-1099-da">Crypto.com, along with other US crypto exchanges, will send Form 1099-DA.</a></div>What Should I Do If I Don’t Receive a Crypto.com Tax Form?
If you earned Crypto.com rewards but didn’t receive a Form 1099-MISC, it’s most likely because you earned under the reporting threshold for them to issue you a form.
Now, don’t get too excited. You are still obligated to report the rewards on your tax return even though Crypto.com didn’t report the amount to the IRS.
Likewise, you may not have received a Crypto.com Form 1099-B reporting your crypto transactions, but you still need to report your taxable transactions on your tax return.
How Do I Report My Crypto.com Crypto Transactions?
If you use Cryto.com to sell or trade cryptocurrencies, you’ll need to calculate the gain or loss from your crypto transactions and categorize them as short-term or long-term, even if you don’t receive a Crypto.com Form 1099-B.
If you use tax software to calculate your cryptocurrency gains or losses, you can either integrate your Crypto.com activity with the software or import a CSV file of your transaction history along with your other wallets and exchange data.
Follow these steps to download your Crypto.com app wallet transaction history:
- On the Accounts page, tap the History icon (top right).
- Tap on the ‘Export’ button (top right).
- Select ‘Crypto Wallet’ and enter the Start and End Date for 2024, then tap ‘Export to CSV’.
- Tap the ‘Download’ button for the reports
You should start now if you don’t yet use tax software to calculate your crypto gains or losses. Learn why it’s so important to report your crypto here.
How Do I Report My Crypto.com Taxes?
Once you have your Crypto.com tax forms and have calculated your crypto activity gains or losses, you’re ready to fill out the information in your tax return.
For most taxpayers, the income from the Crypto.com 1099-MISC is reported on Schedule 1 of your tax return as other income. In some cases, self-employed taxpayers may need to report their income on Schedule C.
Your Crypto.com capital gains and losses are reported on Schedule D, and a more detailed breakout is reported on Form 8949.
Check out our in-depth guide to reporting your crypto transactions.
How We Can Help
When it comes to crypto taxes, Gordon Law helps make your filing simple and stress-free. Our team has helped hundreds of taxpayers calculate their crypto gains and provide them with the reports they need to file their tax returns.
We’ve seen the kinds of crypto audits taxpayers go through with the IRS and have saved investors millions in taxes and penalties from the audits we’ve defended. Don’t wait until the IRS comes knocking. Call Gordon Law’s crypto tax team today!
Sources:
1099 Form for the 2023 Tax Year | Crypto.com Help Center
How Do I Export My Transaction History? (App) | Crypto.com Help Center
