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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

United States: accounting context for crypto records

A firm closing crypto records for United States should begin with the reporting framework that governs the entity, then keep the wallet and exchange evidence that supports each balance, movement and adjustment. The profile below is a working checklist for that review; it does not replace current local advice.

Framework and classification

The default framework shown for United States is US_GAAP. The recorded classification context is: 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.. For the close file, retain the conclusion, the source records used to reach it, and the reason a different classification was not used. That makes the balance review reproducible when the next period starts.

Measurement and evidence at close

The reporting notes for United States state: ASU 2023-08: Fair value at each reporting date. Changes recognized in net income. No more impairment-only model.. Build the close pack around transaction exports, wallet addresses, reconciliations, valuation evidence and the review notes for unresolved items. The objective is a clear path from the source activity to the ledger balance, not a number that cannot later be explained.

Entity and reporting handover

The country profile records this reporting context: All SEC registrants. IFRS not permitted for domestic filers.. Its country-specific close note is: Specific ID allowed if adequately documented. Assign ownership for open reconciliations, preserve the evidence behind manual adjustments, and document any question that needs specialist review. This gives the next preparer and reviewer a usable handover rather than a generic crypto checklist.

A practical United States close file

Start the United States file with a complete source inventory. List every exchange account, wallet address, custodian statement and internal ledger account used in the period. For each source, record the owner, the export date, the period covered and whether the balance was reconciled. Match transfers on both sides before asking whether they affect profit or loss. Keep network-fee records with the transaction they support. If a balance cannot be tied to source activity, put it on an exceptions list with an owner and next action. This separates evidence gathering from judgement and gives the reviewer a visible place to challenge an assumption.

Records for United States are kept in USD, and the profile lists two different rate sources: FED for reporting and IRS for tax. When those series disagree on a period-end date the two figures are both defensible and not interchangeable, so note which source produced each converted balance at the point it is booked. Under US_GAAP the profile permits FIFO, LIFO, WAVG, SPECIFIC_ID as the cost-flow basis, which fixes how disposals consume earlier acquisitions and therefore what the supporting lot history has to show.

The profile records a 21% corporate rate for United States (CRITICAL: Tax uses historical cost. FS uses fair value (ASU 2023-08). Major book-tax difference from 2025 onwards.). No wash-sale restriction is recorded, so a disposal and a later repurchase are separate events in the ledger, which makes the disposal date and the lot it consumed the facts worth pinning down. Individuals are recorded under a capital gains regime at 20%, which is a different basis from the entity position above; when the same wallet serves both, the split has to be evidenced rather than assumed.

Controls before reporting

Before reporting, perform a completeness review that is separate from the accounting review. Confirm that every known exchange, wallet, custodian, staking arrangement and controlled entity appears in the source inventory. Check that the period boundaries are consistent across exports, that balances were captured at the intended close point, and that any late-arriving transaction is either incorporated or logged. Compare asset quantities to the ledger and investigate unexplained differences before aggregating values. Where a source cannot be obtained, record the reason, the alternative evidence used and the approval for that approach. These controls make the United States file useful to a preparer, reviewer and auditor who were not involved in the initial collection.

Questions to carry into the next period

A strong close file also identifies what has not been settled. Keep a concise register of missing evidence, unresolved classifications, valuation questions, intercompany movements and corrections that need follow-up. For each item, assign a responsible person, the source that should resolve it, and the point at which it must be revisited. Do not turn an unresolved item into a silent assumption merely to finish the close. A transparent register lets the firm complete the current work while keeping future treatment reviewable under the framework and reporting context applicable to United States.

Making the review reproducible

Save the review steps as well as the result. Record who downloaded each source, when the reconciliation was performed, which balances were sampled, what evidence was inspected and how exceptions were cleared. Retain the version of the workpaper that supported the final journals, rather than overwriting it after the close. If the same asset appears in a later period, the firm should be able to start with the earlier conclusion and test whether the facts changed. This disciplined record makes the United States workflow repeatable across staff changes and reporting periods without claiming that any single treatment applies to every entity.

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.
Compare United States with other jurisdictions

Open the interactive multi-jurisdiction comparison inside CryptaCount to view frameworks, cost-basis methods and tax rules side by side.

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