Reporting cryptocurrency on taxes
Is is essential to use file and report your cryptocurrency trades with Forms provided by the IRS. Find our which form is important for your cryptocurrency reporting.
Table of contents
Tax Reporting Forms
To locate a federal tax reporting form, please click on the following link and input the form (product) number you would like to learn more about IRS Form Search
Reporting Forms Overview
IRS requires taxpayers to reporting their cryptocurrency gains with several forms. Here’s an overview of the form and an exploration, which form to use.
Sales and Other Dispositions of Capital Assets
Form 1040, Schedule C.
Profit or Loss From Business
Form 1040, Schedule SE.
Form 1040, Schedule D.
Capital Gains and Losses
Form 1040, Schedule 1
Additional Income and Adjustments to Income
Net Investment Income Tax Individuals, Estates, and Trusts
Proceeds from Broker and Barter Exchange Transactions
Most states have not issued guidance on the income tax treatment of cryptocurrency. In the absence of state guidance, taxpayers will need to consider how the state taxes other forms of currency and to what extent state tax treatment follows federal rules.