Do you have to file taxes on crypto

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The IRS has been zooming in on cryptocurrency reporting with increasing interest in recent years. And the last thing you want is to lose money and time reconciling your tax liability, said Douglas Boneparth, a New York City-based certified financial planner. So as tax season gets into full swing, here's a quick guide to which cryptocurrency activity is reportable, how it's generally taxed and the best ways to prepare. The IRS treats virtual currencies as property, which means they're taxed similarly to stocks.

If all you did was purchase cryptocurrency with U. A critical distinction to make is that triggering a taxable event doesn't necessarily mean you'll owe taxes, said Andrew Gordon, an Illinois-based certified public accountant and tax attorney. Just because you have to report a transaction doesn't mean you'll end up owing the IRS for it. Anytime you sell an asset for a profit, your resulting gain may be subject to capital gains taxation.

To determine your exact gain or loss, you'll need the date you acquired the cryptocurrency; the date you sold, exchanged or otherwise disposed of it; and the cost basis the amount you paid plus transaction fees.

Gains are then taxed at either the short- or long-term rate, depending on how long you held the asset. Once you've calculated your gains and losses on Form , you'll need to report them on Schedule D of Form If you omit information on your taxes, there's a risk of penalties, fees and, in severe cases, even tax evasion charges. And with the revision of Form , which now features a direct yes-or-no question on whether you received, sold, exchanged or disposed of cryptocurrency, the IRS is signaling that those who fail to report won't be able to feign ignorance, Gordon says.

Cryptocurrency exchanges won't be required to send taxpayers B forms, also known as tax-reporting summaries, until the tax year. So the onus is on traders to keep accurate records of their transactions. Using crypto to buy goods or services has the same tax implications as selling it. When you're buying anything with crypto, the taxable gain or loss is based on what you paid for the cryptocurrency and its value at the time of the transaction.

When you earn cryptocurrency it is considered taxable income based on the value of the coins at the time of receipt. This includes crypto earned from activities such as:. There are instances where you may receive free crypto and the value of the digital coins you receive is considered income. Two common scenarios where you may receive free crypto are airdrops and hard forks.

An airdrop is when cryptocurrencies are given away for free and it's typically used as a marketing tool for new cryptocurrencies. A hard fork is a bit more complicated but to simplify it, it's essentially when a cryptocurrency splits into two types of tokens or coins. When this happens, you'll have your original coin and a new coin, with a separate value. The value of the cryptocurrency you receive from a hard fork is taxable income.

If you had crypto assets tied up in a company that's filed for bankruptcy , unfortunately, there isn't anything you can do for the tax year. The bankruptcies could be the result of fraud or simply bad business decisions and, "all those things affect the amount of the deduction, the type of the deduction and even when you can take the deduction," Chandrasekera says.

It's also possible that you may get some of your money back, he says. Our best selections directly into your inbox.

Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here. The IRS classifies cryptocurrency as property or a digital asset. Any time you sell or exchange crypto, it's a taxable event. This includes using crypto used to pay for goods or services. In most cases, the IRS taxes cryptocurrencies as an asset and subjects them to long-term or short-term capital gains taxes.

However, sometimes cryptocurrency is treated as income. Keep track of all your crypto activity so you don't get a nasty surprise at tax time. Catch up on CNBC Select's in-depth coverage of personal finance , tech and tools , wellness and more, and follow us on Facebook , Instagram and Twitter to stay up to date.

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On TurboTax's secure site. For simple tax returns only. Not all taxpayers qualify. See if you qualify.

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