Your default answer should be NO, especially if you moved your crypto off that platform to trade or store on other platforms/wallets. Even if the 1099 is from exchanges where you cannot transfer crypto out, you are still faced with the issue of missing out on tax savings because you are reporting crypto transactions using different tax accounting methods, e.g., FIFO on 1099 and Specific Identification for your other crypto. Talk to us to see how we can find you tax savings with holistic solutions for all your crypto.

We offer multiple convenient ways to contact Archer Solutions. You can schedule a free virtual consultation at your convenience online here. You can also reach out to us at 877-632-6829, (202) 291-4404, or Visit one of our office locations in Washington, DC, or Hartford, CT, for a face-to-face meeting with a tax professional.

Yes. You have the option of having us do your crypto reconciliation only or going with our Full Service where we prepare your entire tax returns, not just the crypto bit.

Yes, crypto mining is generally taxed in the United States. The fair market value of the cryptocurrency you mine is considered income and taxed at your ordinary income tax rate. Depending on your holding period, you will also incur capital gains or losses. If you are mining as a business, we can help you optimize your tax benefits by preparing your business tax return.

For federal income tax purposes, transactions using virtual currency must be reported in U.S. dollars. You will be required to determine the FMV as of the date of payment or receipt of the digital asset.