How to Report Your Crypto.com Taxes

Crypto.com, one of the leading cryptocurrency platforms, offers a wide range of services from spot trading to staking, NFTs, and even a crypto debit card. However, with such diverse crypto activities comes the challenge of accurately reporting your taxes. Using the right tools, such as Blockstats, simplifies your crypto tax obligations seamlessly and accurately.

Quick summary:

This guide details how to do your Crypto.com taxes, from generating an API to seamlessly integrating your data with Blockstats for accurate reporting of capital gains and income.

How to connect Crypto.com and Blockstats: Step-by-Step guide

API connection is the most efficient and error-free method for getting your full, real-time transaction history from Crypto.com into Blockstats. This method auto-syncs all past and future transactions.

Follow the step-by-step guide:

On crypto.com: Generate API key

Step 1: Log in to Crypto.com Exchange account.

Step 2: Click on your Profile icon in the top-right corner and select Security

Step 3: Select API Keys from the navigation bar.

Step 4: Click on Create a new API key.

Step 5: Name your API key, for example, "Blockstats," and your 2FA code.

Step 6: Once generated, copy your API key and API secret.

On Blockstats: Connect Crypto.com to Blockstats

Step 1: Log in or sign up for Blockstats

Step 2: Go to the Wallets Page and then Add Wallet / Exchanges

Step 3: Search for and select the Crypto.com exchange.

Step 4: Input the API Key and API Secret you generated from Crypto.com

Step 5: Click on the Connect button to link your Crypto.com account with Blockstats

Review and analyze your transactions

• Analyze transactions

• Generate tax reports

• Track your portfolio performance

• Optimize your gains and losses

Blockstats uses a consistent accounting method like FIFO, LIFO, or HIFO across all your linked wallets to calculate the cost basis for every transaction. This accurate cost basis is essential for determining your final capital gains or losses.

Simplify your taxes, start calculating your Crypto.com taxes free with Blockstats today!

How are Crypto.com transactions taxed?

The IRS treats all digital assets as property, leading to two main types of tax events:

Capital Gains or Losses:

• Selling crypto for fiat 

• Trading one crypto for another 

• Spending crypto (e.g., using funds from the Crypto.com Visa Card is treated as selling crypto for fiat and immediately spending the fiat.)

• Tax Rate: If you held the asset for one year or less, the gain is taxed at your ordinary income tax rate. If you held it for more than one year, the gain is taxed at preferential rates. You report these dispositions on Form 8949 and summarize the totals on Schedule D.

Income:

• Crypto.com Earn Rewards like staking, interest, etc.

• Airdrops or referral bonuses.

• Tax Rate: The fair market value (FMV) of the crypto at the time you receive it is taxed as ordinary income, at your standard marginal income tax rate. This income is generally reported on Schedule 1 (or Schedule C if you are considered self-employed).

Does Crypto.com report to the IRS?

Yes, Crypto.com is required to report certain user information to the IRS.

Crypto.com, as a centralized US-based exchange, has historically issued Form 1099-MISC or 1099-NEC to U.S. users who received over $600 in staking rewards, interest, or miscellaneous income.

Furthermore, new IRS regulations (Form 1099-DA for Digital Asset Proceeds) require brokers to report customer sales and exchanges. This reporting will be phased in, starting with reporting gross proceeds from dispositions for the 2025 tax year.

How to do your Crypto.com taxes?

You must track all transactions, cost basis, income, and calculate gains/losses for accurate reporting to your country's tax authority. 

There are two ways to do crypto.com taxes: manually and using a crypto tax calculator like  Blockstats. Manual calculation is difficult. Blockstats simplifies Crypto.com tax reporting by categorizing transactions, importing data via API, calculating income, and generating required reports. 

Calculate your Crypto.com taxes with Blockstats!

Need help?

Still facing issues connecting your Crypto.com exchange to Blockstats?

• Visit our Help Centre 

• Reach out to us on Telegram or X (Twitter) 

• Email us at support@blockstats.app

Frequently asked questions

Why aren't my Crypto.com tax documents accurate?

The most common reason for inaccurate exchange-generated tax summaries is the issue of cost basis. If you transferred cryptocurrency into your Crypto.com account from another wallet or exchange, Crypto.com does not have the original purchase price for those assets. This results in inaccurate capital gains or losses calculations. 

Does Crypto.com provide tax documents?

Yes, Crypto.com provides informational tax documents, primarily Form 1099-MISC, if you meet the threshold of $600+. Even if they don't provide a Form 1099-B, you are still responsible for reporting all capital gains and losses using Form 8949.

How are Crypto.com Earn rewards taxed?

Rewards earned through Crypto.com Earn, like staking, interest, are taxed as income upon receipt. You must calculate the fair market value of the received token in USD at the exact date and time it entered your wallet. This amount is reported as income on your tax return.

How are crypto.com NFTs Taxed? 

NFTs are treated the same as other cryptocurrencies. Selling or trading them generates capital gains. However, creating and selling NFTs, earnings might be categorized as a form of income and therefore subject to Income Tax.

How is Crypto.com debit card taxed?

Using your Crypto.com debit card triggers a taxable event each time you make a purchase. When you spend crypto through the card, it's treated as a disposal of that crypto. You'll owe capital gains tax based on the difference between your cost basis and the value of the crypto at the time of the transaction.

How do I get Crypto.com tax document?

Download the transaction history from Crypto.com and calculate your taxes manually. Alternatively, to get Crypto.com tax documents is use crypto tax software like Blockstats. You can connect Crypto.com to Blockstats via API. Blockstats crypto tax calculator will calculate your Crypto.com taxes and generate your Crypto.com tax documents.