US Crypto Tax – What You Need to Know

When dealing with US crypto tax, the set of federal and state tax obligations that apply to cryptocurrency transactions in the United States. Also known as crypto tax compliance in the USA, it affects anyone who buys, sells, mines, or earns digital assets.

Key Concepts and Governing Rules

One of the toughest traps for crypto owners is the FBAR penalties, which are fines up to $100,000 for failing to report foreign crypto accounts. The penalty system forces diligent record‑keeping because the IRS now cross‑checks offshore wallet activity with FinCEN data. If you ignore the FBAR, you not only face a steep fine but also jeopardize your overall crypto tax compliance.

The CLARITY Act and the newer GENIUS Act are reshaping how crypto is classified for tax purposes. The CLARITY Act defines digital assets as either commodities or securities, which directly influences how gains are taxed. Meanwhile, the GENIUS Act tackles stablecoin reporting and aims to simplify the tax treatment of decentralized finance products. Together, these laws shape the reporting landscape and dictate what forms you’ll need to file.

Another cornerstone is capital gains tax. In the US, any profit from selling or swapping crypto is treated as a capital gain, whether short‑term (taxed at ordinary income rates) or long‑term (benefiting from lower rates after a year). Understanding the difference can save you hundreds of dollars, especially when you’re juggling multiple trades across exchanges.

State taxes add another layer. While federal rules apply everywhere, states like California, New York, and Texas have their own rates and filing requirements. Residency matters: if you move mid‑year, you may owe taxes to two states. Some states even offer crypto‑friendly incentives, but they still require you to report income earned while you were a resident.

Putting all this together can feel overwhelming, which is why many turn to AI‑assisted tools. Platforms that automatically pull transaction data from wallets, calculate cost basis, and generate IRS‑ready forms reduce human error. They also flag potential FBAR triggers and keep you updated on CLARITY‑related rule changes, turning a complex compliance puzzle into a manageable checklist.

Below you’ll find a curated set of articles that dive deeper into each of these topics. From step‑by‑step FBAR guides to analyses of the CLARITY and GENIUS Acts, the collection gives you actionable insights and practical tips to stay on the right side of the tax code.