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If you only bought but didn’t sell crypto during the year, electing to hold it in a wallet or on a crypto platform, you won’t owe any taxes on the purchase. Separately, if you made money as a freelancer, independent contractor or gig worker and were paid with cryptocurrency or for crypto-related activities, then you might be self-employed and need to file Schedule C.

You’ll report these on Schedule D and Form 8949 if necessary. If you sold crypto you likely need to file crypto taxes, also known as capital gains or losses. According to IRS Notice 2014-21, the IRS considers cryptocurrencies as “property,” and are given the same treatment as stocks, bonds or gold. Yes, if you traded in a taxable account or you earned income for activities such as staking or mining. Cryptocurrency transactions are not taxable when investing through tax-deferred or non-taxable accounts such as IRAs and Roth IRAs.You may also use other tax forms for crypto taxes like Form 1099-NEC or 1099-MISC if you earned ordinary income related to cryptocurrency activities.You report your total capital gains or losses on your Form 1040, line 7.Reporting your crypto activity requires using Form 1040 Schedule D as your crypto tax form to reconcile your capital gains and losses and Form 8949 if necessary.