Crypto Taxes: Guides and a Calculator
US crypto tax, explained plainly. The IRS treats crypto as property, so every sale is taxable โ each guide leads with the answer, then IRS sources.
Updated July 2026 ยท Educational only, not tax or financial advice
All crypto tax guides
Wash sale rule (crypto)
The wash sale rule does not apply to crypto in 2026 โ crypto is property, and IRC ยง1091 only covers stocks and securities
Tax rule
NFT taxes
NFTs are taxed as property, and NFTs the IRS treats as collectibles face a long-term rate up to 28% instead of the usual 0/15/20%
Asset type
DeFi taxes
DeFi has no special tax rules โ swaps are capital events and staking rewards are ordinary income when you gain control of them (Rev. Rul. 2023-14)
Activity type
Form 8949 guide
You report each crypto sale on IRS Form 8949, then carry the totals to Schedule D and Form 1040 โ short-term and long-term go in separate sections
How-to
Crypto tax loss harvesting
Tax loss harvesting means selling crypto at a loss to offset your gains, plus up to $3,000 of ordinary income each year โ with excess carried forward
Strategy
Try the crypto tax calculator โ it estimates your short-term and long-term gain and federal tax owed from cost basis, proceeds, and income bracket.
The one rule everything follows
US crypto taxes start from one rule: the IRS treats cryptocurrency as property, not currency. This is educational only, not tax or financial advice โ consult a tax professional. That rule comes from IRS Notice 2014-21, and everything else follows from it.
Because crypto is property, every sale, trade, or spend is a disposal. You owe capital gains tax on the increase. Short-term gains (held one year or less) are taxed at ordinary income rates. Long-term gains (held over a year) get the lower 0%, 15%, or 20% rates. For 2025, the 0% long-term rate reaches up to $48,350 of taxable income for single filers and $96,700 for married-filing-jointly.
Some crypto is income, not a capital gain. Staking rewards are ordinary income when you gain control of them, under Rev. Rul. 2023-14. Airdrops and mined coins are income at fair market value on receipt.
Losses help you. Capital losses offset gains, and up to $3,000 of extra loss offsets ordinary income each year, with the rest carried forward. And in 2026, no wash sale rule applies to crypto โ a rare advantage over stocks.
The guides below go deeper on the topics people ask about most: NFTs, DeFi, Form 8949, the wash sale rule, and loss harvesting. For tools and country comparisons, see our roundup of free crypto tax tools and our guide to crypto tax by country. A crypto tax calculator for this hub is coming soon.
Short-term vs long-term crypto tax rates (2025)
Crypto held one year or less is taxed at your ordinary income rate, up to 37%. Held over a year, it gets the lower long-term rates below (2025 taxable-income thresholds).
| Long-term rate | Single filer | Married filing jointly |
|---|---|---|
| 0% | Up to $48,350 | Up to $96,700 |
| 15% | $48,351 โ $533,400 | $96,701 โ $600,050 |
| 20% | Over $533,400 | Over $600,050 |
NFTs the IRS treats as collectibles can be taxed up to 28% long-term โ see the NFT taxes guide.
Every guide in this section
5 guides. Each page leads with the direct answer, then the mechanics, then primary IRS sources.
| Guide | Category | The direct answer |
|---|---|---|
| Wash sale rule (crypto) | Tax rule | The wash sale rule does not apply to crypto in 2026 โ crypto is property, and IRC ยง1091 only covers stocks and securities |
| NFT taxes | Asset type | NFTs are taxed as property, and NFTs the IRS treats as collectibles face a long-term rate up to 28% instead of the usual 0/15/20% |
| DeFi taxes | Activity type | DeFi has no special tax rules โ swaps are capital events and staking rewards are ordinary income when you gain control of them (Rev. Rul. 2023-14) |
| Form 8949 guide | How-to | You report each crypto sale on IRS Form 8949, then carry the totals to Schedule D and Form 1040 โ short-term and long-term go in separate sections |
| Crypto tax loss harvesting | Strategy | Tax loss harvesting means selling crypto at a loss to offset your gains, plus up to $3,000 of ordinary income each year โ with excess carried forward |
Keep going
Common questions
How does the IRS tax cryptocurrency?
The IRS taxes cryptocurrency as property under Notice 2014-21, not as currency. This is educational only, not tax advice. That means selling, trading, or spending crypto is a taxable disposal, taxed as a capital gain or loss. Some crypto is income instead โ staking rewards, airdrops, and mined coins are ordinary income at fair market value when you receive them.
Do I owe tax if I only bought crypto and held it?
No. Simply buying crypto with US dollars and holding it is not a taxable event. Tax applies when you dispose of the crypto โ by selling it, trading it for another coin, or spending it โ or when you receive crypto as income like staking rewards or airdrops. Holding alone creates only an unrealized gain, which is not taxed until you sell.
What is the crypto capital gains tax rate for 2025?
Short-term crypto gains, on assets held one year or less, are taxed at your ordinary income rate, up to 37%. Long-term gains, on assets held over one year, are taxed at 0%, 15%, or 20% depending on income. For 2025, the 0% long-term rate applies up to $48,350 of taxable income for single filers and $96,700 for married filing jointly.
Does the wash sale rule apply to crypto?
No, the wash sale rule does not apply to crypto in 2026, because the IRS treats crypto as property, not a security, and IRC ยง1091 covers only securities. You can sell crypto at a loss and rebuy it immediately while still claiming the loss. Pending bills have proposed changing this, so re-check the rule each tax year.
How are staking rewards and airdrops taxed?
Staking rewards are ordinary income at fair market value when you gain dominion and control over them, under IRS Rev. Rul. 2023-14. Airdrops and mined coins are also ordinary income at fair market value when you receive them. That income value becomes your cost basis, so a later sale is taxed only on the growth after receipt.
How do I report crypto on my tax return?
You report crypto sales and trades on IRS Form 8949, then summarize the totals on Schedule D, which flows to Form 1040. Income like staking rewards and airdrops is reported as other income. Starting with 2025 transactions, brokers issue Form 1099-DA, which the IRS matches against your Form 8949. Consult a tax professional for your situation.
Sources
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