What is crypto com tax?

Crypto.com Tax* is a user-friendly tax product to generate tax reports for tax filing. You may follow the below steps to finish the crypto tax filing: Crypto.com Tax supports over 30 popular exchanges and wallets. Apart from the supported exchanges/ wallets, you may also add your transactions manually.

Is crypto a substitute for tax advice?

Disclaimer: You acknowledge and agree that information provided by Crypto.com to you in your use of the Crypto.com Tax Services is for your reference only and should not be considered a substitute for legal advice, tax advice, audit advice, accounting advice, or brokerage advice under the guidance of a licensed professional.

Why did the IRS choose to tax crypto as a capital asset?

The IRS may have chosen to tax crypto as a capital asset because of the way most people treat it, says Jeff Hoopes, an associate professor of accounting at the University of North Carolina and research director of the UNC Tax Center.

Is crypto a property or a capital asset?

Cryptocurrency is considered "property" for federal income tax purposes, meaning the IRS treats it as a capital asset. This means the crypto taxes you pay are the same as the taxes you might owe when realizing a gain or loss on the sale or exchange of a capital asset.