Does Crypto.com Issue Form 1099 for Tax Reporting?
Clarify your tax reporting duties as a Crypto.com user. Learn how the platform's reporting process intersects with your personal tax obligations.
Navigating the tax responsibilities associated with cryptocurrency is a fundamental part of investing through platforms like Crypto.com. For many users, understanding what the platform reports to tax authorities and what remains their personal obligation is a primary concern. This guide clarifies these duties, outlining the forms Crypto.com may issue and the steps to fulfill your reporting requirements.
Tax Forms Issued by Crypto.com
Crypto.com provides specific tax documents under certain conditions, primarily focusing on income earned through the platform. U.S. users who earn $600 or more in a calendar year from activities such as staking, referral bonuses, or the Crypto.com Earn program will receive a Form 1099-MISC, Miscellaneous Income. This form details the total value of the rewards earned, and a copy is sent to both the user and the Internal Revenue Service (IRS). These earnings are generally treated as ordinary income, subject to standard income tax rates.
For transactions involving the sale or trade of cryptocurrencies, Crypto.com may issue a Form 1099-B to U.S. users who have traded contracts during the tax year. This landscape is changing due to new IRS regulations. Starting with the 2025 tax year, digital asset brokers will be required to report digital asset transactions on the new Form 1099-DA. This form will be provided to taxpayers in early 2026 to help standardize the reporting of crypto sales.
Identifying Your Taxable Events
A tax obligation can arise from your activities on Crypto.com even if you do not receive any tax form from the platform. The IRS views cryptocurrency as property, meaning many common transactions are considered taxable events. Understanding these events is the first step toward accurate tax reporting, and you are responsible for tracking these activities throughout the year.
Common taxable events include:
- Selling cryptocurrency for a fiat currency, such as U.S. dollars. If you sell Bitcoin for a profit, that gain is subject to capital gains tax.
- Trading one type of cryptocurrency for another, like exchanging Ethereum for Solana. The IRS treats this as a disposition of the first asset, and you must calculate any gain or loss on the transaction.
- Using cryptocurrency to purchase goods or services. The IRS considers this a disposition of the asset, and any gain or loss must be calculated and reported.
- Receiving cryptocurrency as income. This includes staking rewards, referral bonuses, and other earnings. The fair market value of the crypto on the date of receipt is considered ordinary income and must be reported as such. This value also becomes the cost basis for that specific crypto if you later sell, trade, or spend it.
How to Access Your Transaction History
To accurately calculate your tax obligations, you must have a complete record of all your transactions. Crypto.com provides tools for users to download their entire transaction history, which serves as the source data for tax calculations. The process can differ slightly depending on whether you are using the Crypto.com App or the Crypto.com Exchange.
Within the Crypto.com App, you can export your transaction history for your Crypto Wallet, Fiat Wallet, and Crypto.com Visa Card. To do this, navigate to the “Accounts” page and tap the clock icon in the top-right corner to view your history. From there, an export icon allows you to select a date range, up to three years at a time, and generate a CSV file.
For users of the separate Crypto.com Exchange platform, the process is also straightforward. After logging in, go to your “Wallet” and then select “Transaction History” from the menu. The platform allows you to export various reports, including deposits, withdrawals, and trades. It is important to note that the Exchange may limit a single export to the last 180 days, so you might need to generate multiple reports to capture a full year’s activity.
Reporting Obligations Without a Form 1099
Even without receiving a Form 1099-B from Crypto.com, you are still required to report your capital gains and losses to the IRS. The responsibility for calculating these figures falls on you, using the transaction history you downloaded from the platform.
The primary form for this is IRS Form 8949, Sales and Other Dispositions of Capital Assets. On this form, you must list each crypto transaction, detailing the asset sold, the date acquired, the date sold, the sale proceeds, and the cost basis. The difference between the proceeds and the basis determines your capital gain or loss.
After completing Form 8949, you will transfer the summary totals to Schedule D, Capital Gains and Losses. The final figure is then carried over to your main tax return, Form 1040. Failure to report this activity can lead to penalties and interest from the IRS.