Top crypto tax changes for 2022

Crypto taxes are changing in 2022! Fortunately, we know the changes and are here to help you navigate them.

From new crypto tax reporting requirements to understanding how to do taxes for new trends in crypto, discover some of the top changes in the crypto tax world.

Crypto taxes in 2022: Here’s the top changes

Discover the top changes you need to know about crypto taxes in 2022:

1. Getting taxes done easily for newer crypto trends

Metaverse, NFTs, and DAOs are big trends for 2022, with a lot of crypto enthusiasts wondering about new taxable events.

For example, if you gain staking rewards from a rebasing DAO protocol, you have to recognize their Fair Market Value (in USD) as ordinary income in the US. Beyond DAOs, Metaverse and NFTs pose more reporting challenges to the crypto community.

CoinTracking can help you import your trades/income from all these trends across blockchains. Check out our ETH, AVAX, BSC, and Fantom addresses importers to import trades from major NFT marketplaces, DAOs, and virtual ecosystems.

2. New reporting for crypto traders

New regulations are increasing reporting requirements for crypto traders and businesses.

For example, people who receive more than $10,000 in cash and equivalents as cryptocurrencies will have to file a report with the IRS, under Section 60501.

3. Fan tokens gain predominance

Sports and crypto are mingling more and more, with new partnerships between sports clubs and crypto brokers. Fan tokens bring higher engagement but also a trading opportunity.

Trading fan tokens is a taxable event, subject to capital gains taxes in the US. Learn more about how those trades and personal tokens are taxed in the US.

4. Traders move to crypto-friendly countries

The increased need for crypto tax regulations is leading people to search for crypto-friendly countries concerning crypto taxes.

Many countries like Portugal, Dubai, Singapore, Switzerland (e.g., Lugano, Zug), El Salvador, and Puerto Rico offer tax advantages. Additionally, US states like Miami and Colorado are embracing crypto, with even some making crypto legal tender.