Tax information and forms
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How is crypto taxed?
The IRS taxes cryptocurrency much like property or other investments such as stocks or mutual funds. You may owe taxes when you sell or transfer your crypto for a profit or when you receive crypto. Check with your tax advisor to determine how crypto transactions could affect your taxes. Fidelity does not provide legal or tax advice.
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What is the tax treatment of capital gains for crypto?
The IRS taxes cryptocurrency like stocks, mutual funds, or other investments. Changes in value from when you received or purchased your crypto to when you sell your crypto are recorded as gains or losses in your Gain/Loss Summary. Gross proceeds of crypto sales are reported on Form 1099-DA starting with tax year 2025. Capital gains are taxed at the applicable rate depending on several factors, including your holding period. Check with your tax advisor to determine how your crypto transactions could affect your taxes. Fidelity does not provide legal or tax advice.
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Do I need to report my crypto withdrawals for taxes?
Crypto withdrawals aren't reportable for taxes but can incur network fees which are paid from the amount of your transfer, effectively selling crypto to pay those fees. These sales transactions are recorded in Form 1099-DA and in the Gain/Loss Summary for your Fidelity Crypto® account. Check with your tax advisor to determine how crypto transactions could affect your taxes. Fidelity does not provide legal or tax advice.
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When is the cutoff for crypto trades to be recorded for the current tax year?
Your crypto trades must execute by 11:59 p.m. ET on December 31 to be recorded for the current tax year.
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Can I decrease my crypto tax burden by donating my crypto?
You may be able to take a deduction based on the fair market value of your crypto at the time of donations. Check with your tax advisor to determine how your crypto transactions could affect your taxes. Fidelity does not provide legal or tax advice.
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What tax forms are provided for Fidelity Crypto® accounts?
Fidelity Digital Assets® will provide tax forms related to reportable activity in your Fidelity Crypto® account starting with tax year 2025. You can view your account activity on Fidelity.com and on the Fidelity Investments® app. If you had any crypto sales during the tax year (including network fees on crypto withdrawals), Fidelity Digital Assets® will provide Form 1099-DA and a downloadable Gain/Loss Summary in February of the following calendar year. Check with your tax advisor to determine how your crypto transactions could affect your taxes. Fidelity does not provide legal or tax advice.
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What is reported on Form 1099-DA?
Form 1099-DA reports the gross proceeds of crypto sales transactions, including network fees on crypto withdrawals, starting with tax year 2025. Cost basis will appear on the form for tax year 2025 but isn't reported to the IRS. Cost basis for crypto purchases will be recorded starting with tax year 2026 to be reported on Form 1099-DA.
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What tax forms are provided for Fidelity Crypto® IRAs?
Fidelity Digital Assets® provides Form 5498 for Fidelity Crypto® IRAs to report year-end valuations and required minimum distribution (RMD) status. Contributions and distributions are reported on tax forms for the linked Fidelity brokerage IRA.
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Are crypto transactions in Fidelity Crypto® IRAs reported for taxes?
Trading activity in a Fidelity Crypto® IRA isn’t reported to the IRS or recorded in a Gain/Loss Summary. You can view your account activity on Fidelity.com and on the Fidelity Investments® app.
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Does the IRS receive a copy of the Gain/Loss Summary for my Fidelity Crypto® account?
Fidelity Digital Assets® does not provide a copy of your Fidelity Crypto® Gain/Loss Summary to the IRS. The summary is for your own recordkeeping and tax-preparation purposes.
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Can I upload crypto tax form information to TurboTax®?
Form 1099-DA and Form 5498 currently can’t be uploaded to TurboTax® for tax year 2025, but the PDF of Form 1099-DA can be uploaded to the HR Block application. You can upload Fidelity Crypto® account Gain/Loss Summary CSV files to TurboTax®. Access your Gain/Loss Summary in your Statements on Fidelity.com. If you have questions about uploading your CSV file, contact TurboTax® for assistance.
Fidelity Digital Assets® associates can be reached 24 hours a day, 7 days a week, by chat or by calling 800-343-3548 and requesting help with a "crypto account issue." If your request can’t be resolved at the time of your call, you can typically expect follow-up within 2 business days. Additional time may be needed for research or further review.
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Offerings and account features are subject to account eligibility.
Fidelity Crypto® is offered by Fidelity Digital Assets®.
Investing involves risk, including risk of total loss.
Crypto as an asset class is highly volatile, can become illiquid at any time, and is for investors with a high risk tolerance. Crypto may also be more susceptible to market manipulation than securities. Crypto is not insured by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. Investors in crypto do not benefit from the same regulatory protections applicable to registered securities.
Fidelity Crypto® accounts and custody and trading of crypto in such accounts are provided by Fidelity Digital Asset Services, LLC, which is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business (NMLS ID 1773897).
Brokerage services in support of securities trading are provided by Fidelity Brokerage Services LLC (“FBS”), and related custody services are provided by National Financial Services LLC (“NFS”), each a registered broker-dealer and member NYSE and SIPC.
Neither FBS nor NFS offer crypto as a direct investment nor provide trading or custody services for such assets.
Fidelity Crypto and Fidelity Digital Assets are registered service marks of FMR LLC.
Crypto prices and market reference data that Fidelity Digital Asset Services, LLC makes available to you are compiled and aggregated by a third party (Coin Metrics) based on criteria set by Fidelity Digital Asset Services, LLC. Fidelity Digital Asset Services, LLC does not represent, warrant or guarantee that pricing and other market information, or value estimates based on that information, is accurate, complete, timely or suitable for use. Prices of crypto that are displayed to you are for reference only and should not be relied upon as the price for any trade; execution prices for your trades may be different than reference prices and estimates displayed to you. Crypto pricing and other market information may appear and be used with a time delay, and Fidelity Digital Asset Services, LLC will have no liability to you for the decisions you make based on market reference data made available by Fidelity Digital Asset Services, LLC. Coin Metrics is a trademark Coin Metrics Inc. Copyright © Coin Metrics, 2024.
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Fidelity Charitable is the brand name for Fidelity Investments® Charitable Gift Fund, an independent public charity with a donor-advised fund program. Various Fidelity companies provide services to Fidelity Charitable. The Fidelity Charitable name and logo, and Fidelity are registered service marks of FMR LLC, used by Fidelity Charitable under license.
The third-party trademarks and service marks appearing herein are the property of their respective owners.
The third parties mentioned herein and Fidelity Investments are independent entities and are not legally affiliated.
Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.
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