How to file crypto taxes in the US (2024–2025 tax season)

Quick Summary:

However, specific thresholds and reporting requirements must be followed to stay compliant with IRS rules. For the 2024 tax year (filed by April 15, 2025), if the total value of crypto gifts to a single recipient exceeds $18,000, the giver must file a gift tax return using Form 709. When the recipient eventually sells the gifted cryptocurrency, they’ll calculate capital gains or losses based on the giver’s original cost basis — the price the giver paid for the crypto.

Essential forms for filing crypto taxes in 2024With the April 15, 2025, deadline nearing, here are the key forms for reporting 2024 crypto transactions:Form 8949: For reporting capital gains and losses from crypto sales, trades and disposals.

This new form, tailored specifically for digital assets, will be issued by exchanges to both taxpayers and the IRS, providing a detailed breakdown of activities like sales, trades and other taxable crypto events from 2025. It’s designed to streamline compliance and bolster IRS oversight, reflecting the agency’s growing focus on tracking digital asset income.

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Article Details

Author / Journalist: Cointelegraph by Dilip Kumar Patairya

Category: Crypto

Markets: United StatesAustraliaCanada

Topics: Crypto Filing Year Capital Taxable Income Rates Gains 2024 2025 Cryptocurrency

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-31 @ 11:15:00 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 1990 words

Reading Time: 12 minutes read

Sentences: 102 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27472782

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About Coin Telegraph

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 51 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

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Publisher ID: #11

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