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Crypto accounting & tax in United States

Reporting framework, corporate tax and individual tax treatment for digital assets in United States, from CryptaCount's jurisdiction database covering 72 countries.

United States: tax & reporting data

General Information

Default Framework
IFRS
Permitted Frameworks
US_GAAP
IFRS Mandatory For
All SEC registrants. IFRS not permitted for domestic filers.
Tax Year
Calendar Year (end M12)
Functional Currency
USD
FX Source (Reporting)
FED
FX Source (Tax)
IRS
Transaction Rate
Daily Spot
Hyperinflationary
✗ No

Reporting — US_GAAP

Framework Available
✓ Yes
Crypto Classification
Fair Value (ASU 2023-08)
Classification Notes
ASU 2023-08 (effective Dec 15 2024 for calendar year filers). Crypto meeting definition of 'intangible asset' with no 'enforceable rights' measured at fair value with changes in net income. Replaces prior indefinite-lived intangible treatment.
Measurement Basis
Fair Value
Permitted Cost Methods
FIFO, LIFO, WAVG, Specific ID
Prohibited Cost Methods
—
Impairment Required
✗ No
Impairment Type
N/A (Fair Value)
Reversal Allowed
✓ Yes
NRV Write-down
✗ Not required
Fair Value Hierarchy
Level 1
Recent Standards
ASU 2023-08 'Accounting for and Disclosure of Crypto Assets' EFFECTIVE Dec 15 2024 for calendar year filers. Early adoption permitted. Fundamentally changed US GAAP crypto accounting from impairment-only intangible to fair value through P&L.

Corporate Tax — Rate & Classification

Corporate Tax Rate
21%
Crypto Classification
Capital Gains
Notes
IRS treats crypto as property (Notice 2014-21). Capital gains/losses on disposal.

Corporate Tax — Cost Basis

Measurement Basis
Historical Cost
Default Cost Method
FIFO
Permitted Methods
FIFO, LIFO, HIFO, WAVG, Specific ID
Taxpayer Can Elect
✓ Yes
Country Override
Standard
Override Notes
Specific ID allowed if adequately documented
LIFO Conformity Req.
✓ Yes
Differs from Reporting
✓ Yes

Corporate Tax — Anti-Avoidance

Wash Sale
✗ Off
Window (before/after)
—
Same-Day Rule
✗ No
Loss Restriction
CAPITAL 3K ANNUAL
Loss Carryforward
Unlimited

Corporate Tax — Holding Period

Holding Period Benefit
✓ Yes
Period
> 365 days
Benefit Type
Rate reduction

Corporate Tax — Crypto Event Treatment

Staking Rewards
FMV at Receipt
Gas Fee Treatment
Add to Cost
Gas = Disposal of Native
✓ Yes
Crypto↔Crypto Taxable
✓ Yes
DeFi Wrapping
Unclear
Fork Cost Basis
Zero

Individual Tax — Regime

Tax Regime
Capital Gains
Regime Notes
IRS Notice 2014-21: crypto = property. Short-term (<1yr): ordinary rates. Long-term (>1yr): preferential rates.
Tax Rate
20%
Rate Notes
Long-term: 0/15/20% depending on income. Short-term: ordinary rates up to 37%. NIIT 3.8% may apply.

Individual Tax — Cost Basis

Measurement Basis
Historical Cost
Cost Method
FIFO
Method Electable
✓ Yes
Permitted Methods
FIFO, LIFO, HIFO, WAVG, Specific ID
Country Override
Standard

Individual Tax — Exemptions

CGT Exempt
✗ No
Exempt Conditions
—
Holding Period
> 365 days
HP Benefit
Rate reduction
Annual Exemption
—
Threshold Exemption
—

Individual Tax — Anti-Avoidance

Wash Sale
✗ Off
Same-Day Rule
✗ No
Superficial Loss
✗ No
Loss Restriction
CAPITAL 3K ANNUAL
Loss Carryforward
Unlimited

B2C vs B2B Differences

Differs from B2B
✓ Yes
Notes
CRITICAL: Tax uses historical cost. FS uses fair value (ASU 2023-08). Major book-tax difference from 2025 onwards.
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