Kraken’s U.S. crypto tax guide 2025: All you need to know for U.S. crypto tax season

In a recent Kraken survey, 84% of surveyed crypto holders expressed concerns about tax laws affecting their returns.

As tax season rolls around, crypto investors in the U.S. need to be aware of their tax obligations. Kraken’s U.S. crypto tax guide 2025 has all the information you need to stay compliant as you file your 2024 tax year taxes.

What you’ll find in Kraken’s U.S. crypto tax guide 2025

To help you navigate the complexities of crypto taxation, Kraken has put together a comprehensive guide covering the key topics you need to understand before filing your taxes:

1. How the IRS classifies crypto

As far as the IRS is concerned, crypto isn’t cash — it’s property. That means buying, selling and even spending digital assets could result in taxable events. The guide breaks down the difference between taxable and non-taxable transactions so you know what to report.

2. Capital gains vs. Income tax on crypto

Whether your crypto is subject to capital gains tax or ordinary income tax depends on how you acquired it. The guide explains how different activities — such as trading, mining, or earning staking rewards — are taxed.

3. Tracking and reporting crypto transactions

Keeping accurate records is essential for calculating your tax liability. The guide provides insights into:

• How to determine your cost basis (the original price of your crypto)
• What happens when you sell, trade or gift crypto
• The tax implications of moving crypto between wallets and exchanges

4. Common tax mistakes to avoid

Many crypto investors make avoidable mistakes, such as misreporting transactions or overlooking taxable events. Our guide highlights these pitfalls and offers tips to ensure you file correctly.

5. Tax reporting tools and strategies

The guide also explores crypto tax software and other tools that can help automate calculations, generate reports, and make filing your taxes easier.

Why this matters

The IRS treats cryptocurrencies like Bitcoin, Ethereum and even NFTs as property, which means that many transactions – whether you’re trading, staking or receiving an airdrop – can have tax consequences. Failing to report these transactions correctly can lead to substantial penalties, so understanding how crypto is taxed is more important than ever.

With tax laws evolving, our U.S. crypto tax guide 2025 can help you understand your obligations, stay on the right side of U.S. crypto tax law and potentially minimize your tax burden.

Ready to dive deeper? Click below and get ahead of tax season before the April 15 deadline! 

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell, stake or hold any cryptoasset or to engage in any specific trading strategy. Kraken does not and will not work to increase or decrease the price of any particular cryptoasset it makes available. Some crypto products and markets are regulated and others are unregulated; regardless, Kraken may or may not be required to be registered or otherwise authorised to provide specific products and services in each market, and you may not be protected by government compensation and/or regulatory protection schemes. The unpredictable nature of the cryptoasset markets can lead to loss of funds. Tax may be payable on any return and/or on any increase in the value of your cryptoassets and you should seek independent advice on your taxation position. Geographic restrictions may apply. See Legal Disclosures for each jurisdiction here.