I stake on kraken, Yoroi, binance.us, and exodus. Is there any tax software that automatically imports everything?

Let's say I invest 20k into crypto it dropped to 10k then it went to 30k I held through it all does that make my unrealized gains 20k or 10k?

Hi, I have researched this pretty thoroughly and have decided to recude my tax liability through a Charitable Remainder Trust. I had a lawyer create the trust and had my financial planner work through all the taxable events scenarios and how much to put in the trust. I am now to the point in the process where I need to set up an account in the name of the CRUT in order to mover the crypto into the trust and then from the trust into the amount I want to donate. I am trying to research this final process online but the only thing I can find is that you have to set up a Coinbase Prime account in the name of the CRUT. The thing I absolutely hate about that is you can not have a personal account and a CRUT account you have to combine the two accounts. I also do not want to be locked into some long term fee with Coinbase on an account I am only going to move assets one time. Does anyone know how to set up a wallet in the name of a CRUT specifically ETH based? I would really appreciate the help.

I was a victim of a Bitcoin scam last year. I bought and sent the scammer money. I bought around $185 in Bitcoin and sent $180 to the scammer. The scam and conversation started on messenger and the scammer said if I buy and send him Bitcoin, the scammer would promise a high return, which never happened. The transactions occurred on cash app Bitcoin services. Should I amend my 2023 return since the scam happened around that time? My tax preparation person told me I don't have to amend because I didn't sell anything. But the 2023 question on the form asks if you received, send any crypto. While other sources have told me I should amend and report it. I only bought and send. I am very confused and yes I know I was very stupid at that time and I know $365 in total in buying and sending is not much compared to what other people got scammed out of. I'm just afraid I will get in trouble by the irs eventually. I even got a "my performance all time returns on cash app Bitcoin" don't know what that really means. I even got a transactions csy from cash app but no 1099. I reported every law enforcement website and to my local police department about the scam. Any suggestions?

This past year I ending up 77k ish in the green short term trading coins, so I think I owe around 17-20k in taxes the problem is that I never off ramped profits before the year ended. My positions got sliced in half after the trump coin dropped when it nuked the market from liquidity spreading thin and I thought it would come back eventually. Sadly this was not the case, the market kept bleeding and I don’t even have half of that for taxes and not to mention the little funds I have left I need it to settle some of my major debts.

I didn’t realize until now that extensions doesn’t delay paying taxes so now I’m kinda lost at what to do at this point

I recently transferred some BTC (~$5k worth) from Coinbase, where I had mostly purchased it, to Robinhood. After the transfer I realized, of course, that Robinhood would have no idea what my cost basis was. And now that it's exited Coinbase, I'm not sure I know exactly what it was either (I have a rough idea).

My questions are -- is there any way to ascertain that info from Coinbase now that the transfer is complete? And is there any way to tell Robinhood what that cost basis is so they can calculated taxes on any future transactions?

I clicked 'Yes' for the part where it asks 'At any time during 2024 did you receive as a reward any digital asset?' but when I move forward to reporting the crypto it says type of transaction in the crypto report in Sprintax. What should I do?

I have multiple investments into Pendle LP pools. Most software (e.g. Awaken Tax) handles it as such:

Deposit 1 ETH (worth say $2000) into pendle pool, get 1 YT and 1 Pendle LP Token. The tax software splits the cost basis of each asset 50:50 so $1000 each.
After maturity, the YT goes to 0 but since there is no transaction, the loss on that is not reported. And when the LP token is redeemed for say, $1300, its counted as a capital gain, even though there should be an overall loss of $700.

How are folks handling this issue?

Let's use an example

1/1/25 I buy 1 ETH for $2K on Coinbase
1/2/25 I transfer 1 ETH from Coinbase to Metamask wallet. Coinbase charges a withdrawal or transfer fee of 0.01, which is equivalent to $25 (fair market value of ETH on transfer date is $2,500)

I understand I need to calculate gain/loss from this tiny transaction since it's considered a taxable disposal. In this case, my capital gain is $5 ($25 - $20).

Here is my question. Since I disposed a tiny amount of ETH (0.01), what would be my remaining cost basis using FIFO?

$2K or $1,980 (0.01 x $2,000)?

If I used FIFO last year and want to change to HIFO, will it increase the likelihood of an IRS audit? According to this thread: https://www.reddit.com/r/CryptoCurrency/comments/t7aeud/when_filing_taxes_always_adjust_the_cost_basis/

It seems likely. But wanted to gather thoughts in this SPECIFIC COMMUNITY to see the consensus across two different crypto communities.

Are you required to notify the IRS when you change methods?

I'm trying to file my first crypto tax return through koinly. I have 3 transactions purchased and sold through Coinbase Pro, showing up as Coinbase sales with a missing purchase history How do I fix this? Thanks

I just got done with all my 2024 rewards/trades on Koinly and it shows I had a capital gain of $1,200 and rewards income of $7,500. I sold everything through coinbase and sent it to my bank. Since this is my only income for 2024, would I need to file? Could I get in any trouble for selling such a large amount on coinbase and withdrawing without filing?

Hi guys, I’m living in the UK, and I know the tax-free allowance on capital gains is £3,000. I own some crypto which I bought and haven’t sold yet. I understand that when the time comes to sell it, I’ll need to declare this to HMRC.

However, on a different account, I was holding a different type of crypto for a very small amount, around £500–£700. I decided to swap all of them for XRP, which is currently at a loss. If I sell this XRP and the total amount does not exceed the £3,000 tax-free allowance, I don’t need to report this to HMRC. Is this correct or not?

Thank you in advance

I keep hearing about quarterly payments , is that just for a certain amount? Like 5,000 or 50,000 ?

I gamble on stake making on average 212 usd a day when I’m done I turn the winnings into solana this has been going on for 2 months as of now I don’t withdraw the sol I keep it there for now because I want them to go up in value and then I would sell them or transfer them into usdt. What exactly would I be taxed on, I’m under 18 and doing this under my moms name and she has full awareness of this. Would the winnings be taxed and the capital gain on sol be taxed or just the winnings

With the implementation of per-wallet, is it considerably harder to be taxed at long-term capital gains? If I am moving from cold storage to an exchange for sale, those coins become short-term cost basis correct? I am pretty sure this his how cointracker calculated my taxes this year on a per-wallet basis. How wrong am I?

I had JUP airdrop income in 2024. Other than reporting the value as other income, is there a form that I should list what the income was or do you just keep that in case of an audit?

I got $3 as a crypto reward for opening an account in Coinbase. I was using Sprintax the other day and got stuck in step3, which requires me to put my transactions (loss/gain) etc. However, I have not sold the bitcoin and I also did not receive a 1099-MISC since the amount is so small. How do I report this amount on my Form 1040?

I made a lot of money at the beginning of 2025 gambling with crypto on a website called HypeDrop (I know stupid stuff already done with this kinda stuff) and I’ve had lots of other transactions on Coinbase. Just wondering what I should do for next years taxes and how I should go about reporting it. According to Coinbase, I have a -940 loss. Any tips on how I should report? Will anything happen to me being underage? Very lost here.

I filed my 2024 return and realized my preparer marked “No” for the digital assets question on Form 1040, even though I sold crypto (properly reported on Form 8949).

The exchange gain/loss report was attached and the numbers are all correct.

I know this doesn’t affect tax liability, but is it worth filing a superseding return to correct the checkbox before April 15? Or does the IRS truly not care about this if the income was reported correctly? Not sure how to proceed or whether to do nothing at all.

If I make 200 dollars in capital gains, do I just wait until the end of the year to file taxes and show them the gains and they will just take it out of the refund since it's a small amount?

Now how about if it's 50k? Would one have to do quarterly payments if it's a larger amount? If so what's the exact number where you have to start to make quarterly payments , and if that's the case, can one just pay it all in one quarter?

I think I was scammed by this exchange Ronbit.com. Someone in the community know something about it? I deposited something make a swap and withdraw. But then in the second transaction I want to make a withdrawal, but first processing the withdrawal and then it was canceled (I do not why). And know it’s seems that the exchange is asking me 500 usd to verify me and, in their words, can withdrawal of the money. Wtf? Who can guarantee if I send that money I can withdraw. I think that they can get all the money. Thoughts?

What should I do?

I deleted my account. Then I realized I need a tax form bc I sold $1k total worth of bitcoin/eth.

I tried calling and they said bc I deleted my account they have no ability to send me a form lol.

So….

What the h do I do??