Crypto Tax Calculator
Calculate capital gains tax on your cryptocurrency transactions. Track profits, losses, and tax liabilities for Bitcoin, Ethereum, and other digital assets.
Tax Calculation Results
Transaction Summary
Tax Guidelines
Short-term: Ordinary income rates
Long-term: Capital gains rates
HIFO: Highest in, first out
Note: Consult tax professional
Understanding Cryptocurrency Taxes
Cryptocurrency taxation is complex and varies by jurisdiction. Most countries treat crypto as property, meaning capital gains tax applies to profits from buying and selling digital assets.
Taxable Events
- Selling crypto for fiat currency: Capital gain/loss based on cost basis
- Trading one crypto for another: Taxable if considered sale
- Spending crypto on goods/services: Fair market value at time of transaction
- Mining rewards: Taxable as ordinary income
- Staking rewards: Taxable as ordinary income
- Airdrops and forks: Taxable as ordinary income
Cost Basis Methods
Different countries allow different methods for calculating cost basis:
- FIFO (First In, First Out): Oldest coins sold first
- LIFO (Last In, First Out): Newest coins sold first
- HIFO (Highest In, First Out): Highest cost coins sold first
- Specific Identification: Track specific coins (allowed in some jurisdictions)
- Average Cost: Average cost across all holdings
Short-term vs. Long-term Capital Gains
| Holding Period | Tax Treatment | US Tax Rates (2024) |
|---|---|---|
| = 1 year | Short-term capital gains | Ordinary income rates (0-37%) |
| > 1 year | Long-term capital gains | 0%, 15%, or 20% |
Tax Loss Harvesting
Tax loss harvesting involves selling losing investments to offset gains:
- Offset gains: Losses can offset capital gains dollar for dollar
- Carry forward: Unused losses can be carried forward
- Wash sale rule: Can't buy same asset within 30 days before/after sale
- Annual limits: $3,000 capital loss deduction per year in US
Reporting Requirements
- Form 8949/Schedule D: US capital gains/losses reporting
- Transaction records: Keep detailed records of all transactions
- Cost basis tracking: Maintain accurate cost basis information
- Foreign reporting: FBAR for foreign accounts over $10,000
- Professional help: Consider using tax professionals familiar with crypto
Common Tax Mistakes
- Ignoring small transactions: All transactions are taxable
- Forgetting mining rewards: Mining income is taxable
- Not tracking cost basis: Essential for accurate tax calculations
- Missing deadlines: Tax filing deadlines are strict
- Wrong holding periods: Affects tax rates significantly
Crypto Tax Tools
- Tax software: TurboTax, H&R Block with crypto support
- Crypto tax services: CoinTracker, CryptoTrader.Tax, TaxBit
- Exchange reports: Download transaction history from exchanges
- Spreadsheet tracking: Manual tracking for smaller portfolios
- Professional services: CPA with crypto tax expertise
Important: Cryptocurrency tax laws are evolving rapidly and vary by jurisdiction. This calculator provides estimates only and should not be considered tax advice. Consult with a qualified tax professional familiar with cryptocurrency taxation in your jurisdiction.