Key Dates for the 2024 Crypto Tax Season [US-Guide]
10 Jun, 2024 · 18 min read
Here are the key dates for this crypto tax season!
From reporting your crypto by the tax deadline to understanding how to ask for an extension, we are here to clarify your doubts!
In this guide, we’ll show you our tips for every crypto tax season, highlight the main tax deadlines, cover what tax forms you need, and much more!
When can I start filing my crypto taxes 2024?
In 2024, the IRS will start accepting new tax returns, including crypto taxes, for the 2023 season on January 29.
When do I have to file crypto taxes 2024?
According to the IRS, the key dates for the 2024 crypto tax season are the following:
- April 15, 2024: The final date to file for an extension or to file a tax return and pay the owed taxes regarding your crypto activity in 2023.
- October 15, 2024: Last date for taxpayers to file their crypto tax return if they’ve asked for an extension before April 15, 2024 (the original filing due date).
When do you have to submit crypto taxes in 2025?
If you deal with cryptocurrencies during the 2024 tax year (between January 1 and December 31), you’d have to report crypto taxes in 2025.
Under the regular schedule, you have to pay and submit your crypto taxes by April 15, 2025. You can also file for an extension by that date but have to pay your crypto taxes by April 15.
Can I file crypto taxes later?
Some US citizens who live outside of the US and Puerto Rico (e.g., military service) may automatically qualify for a 2-month extension to file their crypto taxes (June 15, 2024).
Do I need to report Cryptocurrency on my taxes?
Yes, you need to report every gain/loss you had on all of your crypto trades during each tax year.
You’ll need to report the capital gains/losses on the trades and all of your crypto income from 2024 (between January 1, 2024, and December 31, 2024) on this year’s tax return.
Do you have to report crypto gains to IRS?
Yes, in the US, trading cryptocurrencies for other cryptocurrencies or FIAT are taxable events, subject to capital gains taxes.
You’ll have to determine the gain/loss on each trade, and depending on the holding period, you’ll be taxed between a short and long-term capital gains tax rate, ranging from 0% to 37%.
How do I report crypto income in the US?
In the US, crypto income like airdrops, hard forks, staking rewards, or crypto interest is taxed at the income level.
Every time you receive such a reward, you have to determine the Fair Market Value (in USD) at that time and report that in your US Individual US Tax Return.
What is the $10.000 rule for crypto?
Under the current law, if you transact over $10,000 in cryptocurrencies, you have to report that transaction to the IRS within 15 days of the transfer.
How do I get my US crypto tax information?
You can get your crypto tax information by tracking your transactions with the help of crypto tax software, determining your crypto gains/losses and income.
In some cases, you might receive some tax forms, like Form 1099, from crypto brokers if you earned at least $600 of income through their platforms.
However, you must track your holdings, determine gains/income, and generate the right tax forms for cryptocurrencies (e.g., Form 8949 and Form 1040).
How to report crypto on taxes
Crypto investors have a few reporting steps for this tax season:
- Answer “Yes” to the crypto question on Form 1040 if they traded cryptocurrencies.
- Report all capital/gains losses on Form 8949 and Schedule D of your Form 1040.
- Report all of their crypto income in the US Individual tax return (Schedule B for interest and Schedule 1 for miscellaneous income).
Check this guide on how to fill out the right tax forms for your crypto.
What does the IRS need to know about your crypto?
To properly report your crypto taxes to the IRS in the US, you need to gather some information, including:
- Date of the acquired asset
- Date of the sale for the same asset
- The cost basis of your crypto
- Sales proceeds on the trade
- Gain/loss on each transaction
- If the transaction is a short-term or long-term one
If you earn income from airdrops, hard forks, staking, mining, salaries, or interest products, you must determine the Fair Market Value (in USD) of the income you received (at that time).
Top 3 tips to prepare your crypto taxes in the US
Here are the top 3 tips for crypto investors to have a smooth crypto tax season:
- Use crypto tax software: Use a crypto tax tool such as CoinTracking to track your trades and income, calculate the gains/losses, and generate pre-filled tax returns.
- Pay special attention to NFTs, DeFi income, and staking, as not all crypto tax tools are fully prepared to handle it and may cause wrong values in your crypto taxes. The best tip is to track all of your crypto activity as you go along and do weekly updates in your tax tool.
- Search for professional tax help: Work with a crypto accountant to clarify doubts and make amends to any potential issue you may have with your returns. This will save you time and money in the future. Check how CoinTracking Full Service in the US can help you with this.
Key dates of the crypto season across countries
Here are the key dates to pay attention to for crypto taxes:
Australia
In Australia, investors have to submit their crypto taxes by October 31, 2024. Discover how to report cryptocurrencies in Australia.
Germany
In 2024, German crypto investors have to report their taxes by October 2. Here’s more about crypto tax reporting in Germany (in German).
Canada
In Canada, investors have to report their taxes, including cryptocurrency gains, by April 30 (2024). Discover how to generate the right crypto tax forms in Canada.
UK
The UK has its tax deadline much sooner than other countries, with investors having to file crypto taxes to the HMRC by, usually, January 31. Discover more in our UK crypto tax guide.
FAQ about the key dates for
the crypto tax season in the US
Conclusion
Anyone who trades cryptocurrencies or earns income from crypto has to report their crypto taxes.
In 2024 and 2025, the tax deadline is April 15, but investors can also ask for a tax extension, enabling them to file crypto taxes by October 15 (in 2024).
The easiest way to submit your crypto taxes by the tax deadline is to frequently track your trades and income with the help of crypto tax software and then generate the right tax forms.
Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.
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