Crypto
Own crypto, Bitcoin, or NFTs? You may have to report it on your tax return. What to know
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Bloomberg
Digital assets transactions from Bitcoin, XRP, other cryptocurrencies and non-fungible tokens (NFTs) must be reported on taxpayer’s tax returns. The Internal Revenue Service says that income from digital assets like Bitcoin and other tokens is taxable.
Millions of Americans use cryptocurrency. About 17% of U.S. adults say they have ever invested in, traded or used a cryptocurrency, according to 2024 findings from the Pew Research Center.
As tax season nears its end, here’s what to know about reporting report crypto such as Bitcoin to the IRS.
You may have to report cryptocurrency and NFTs on your tax return
The IRS says that individuals who sold crypto, received it as payment, or had other digital asset transactions must accurately report it on their tax return.
This includes convertible virtual currency and cryptocurrency, stablecoins, and non-fungible tokens (NFTs). For tax purposes, the agency treats digital assets as property, not currency.
All taxpayers must answer this digital assets question on your tax return
The “Yes” or “No” digital assets question listed on federal income tax returns must be answered correctly:
“At any time during the tax year, did you: (a) receive (as a reward, award or payment for property or services); or (b) sell, exchange, or otherwise dispose of a digital asset (or a financial interest in a digital asset)?”
According to an IRS, you answer “yes” if you received digital assets (crypto, Bitcoin, NFTs) as payment for property or services, from a reward or award, from mining, staking and similar activities, and more criteria.
If you’re unsure how to respond to the digital assets question, the IRS provides a questionnaire to help determine how to answer it. Generally, if you had any digital asset transactions, you check “yes,” but if not, you check “no.”
Which federal forms have the digital asset question?
Everyone who files must answer the digital asset question that appears at the top of these forms:
How to report digital asset income
Taxpayers must report all income related to their digital asset transactions, the IRS notes, regardless of whether they result in a taxable gain or loss. Here’s what the agency recommends when reporting crypto and other digital asset transactions.
- Keep records and documentation of any purchases, receipts, sales and exchanges, among other things.
- Calculate the gain or loss of a digital asset and its transaction.
- Determine the basis of a digital asset (typically the cost in U.S. dollars).
- Report it on the correct form, which depends on the type of transaction.
When is the tax filing deadline?
The general deadline to file a federal return with the IRS is just days away, on April 15, 2025. For state taxes, the deadline in Ohio is also April 15, with an extension filing deadline of October 15, 2025.
Crypto
Rumors are swirling about Venezuela holding $60 billion in Bitcoin—but crypto experts are skeptical | Fortune
Following the United States’ capture of Nicolás Maduro over the weekend, a report came out claiming that Venezuela had $60 billion stored in Bitcoin—leading to speculation that the U.S. could lay claim to cryptocurrency as well as oil. Despite numerous reports of the huge Venezuelan Bitcoin stash, however, a crypto forensic firm is skeptical of the claims.
The news of Venezuela’s Bitcoin holding began to bubble up last Saturday, the same day that Maduro was ousted. The digital publication Project Brazen reported that his regime could control $60 billion in the original cryptocurrency—but offered little in the way of proof.
“The article does not mention any addresses as a starting point, making it difficult to verify any of these speculated claims,” said Aurelie Barthere, principal research analyst at Nansen, about Project Brazen’s report.
Barthere is not the first person to express skepticism about the country’s purported crypto treasure trove. Mauricio di Bartolomeo, the Venezuelan co-founder of the financial services company Ledn, told Fortune on Wednesday that the level of the country’s corruption makes the figure hard to believe. He expanded his argument in an opinion piece he wrote for Coindesk.
Estimates of Venezuela’s crypto holdings vary wildly. Bitcointreasuries.net estimates that the country has $22 million worth of Bitcoin. That figure would make Venezuela the government entity with the ninth-most money tied up in the original cryptocurrency, just behind North Korea.
While the exact size of Venezuela’s Bitcoin wealth is unclear, the country has long been a player in crypto. Maduro introduced a token called the Petro in 2018, which was shuttered six years later. Its citizens have also turned to stablecoins as a way to fight their currency’s hyperinflation.
Trump has said that he will “run” Venezuela, and some have speculated that includes seizing the country’s Bitcoin holdings. Andrew Fierman, head of national security intelligence at Chainalysis, said he could not speak to the likelihood of such a seizure. He did, however, explain what gaining control of assets might look like.
A freezing of assets could occur through centralized services, he says. These services would get a court order for an exchange or an issuer like Tether or Circle who could blacklist an address. The second method is through physical seizure. The U.S. could get control of wallets, devices, and keys through compelled cooperation.
For now, there is unlikely to be a full and accurate account of Venezuela’s Bitcoin holdings until the political situation in the country becomes more stable.
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