Form 8949 for crypto: what it reports
Form 8949 is the IRS form you use to report crypto sales, swaps and payments, with totals carried to Schedule D for the capital gains tax calculation.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
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- Selling, swapping or spending crypto is a reportable disposition.
- Buying and holding crypto does not go on Form 8949.
- Form 8949 totals flow to Schedule D.
The form does not set your tax by itself. It gathers each crypto disposition so the IRS can match your report with broker forms.
Which crypto transactions go on Form 8949?
You put a crypto transaction on Form 8949 when you sell it for cash, swap it for another crypto, or use it to pay for goods or services. Buying crypto with US dollars and holding it are not dispositions, so they do not go on the form.
How does Form 8949 connect to Schedule D?
Form 8949 totals carry over to Schedule D. Schedule D uses those figures to work out your final capital gain or loss, which is what the IRS taxes.
What information do you need for Form 8949?
For each reportable transaction, you need the dates you acquired and disposed of the crypto, the proceeds, your cost basis, and the fair market value at the time of the transaction.
What happens if you don't file Form 8949?
If you have a reportable crypto disposition and do not file Form 8949, the IRS can charge penalties and interest. The IRS can also compare your return with broker records.
Frequently asked questions
Mining or staking rewards are usually ordinary income when received, based on fair market value, and do not go on Form 8949. A later sale, swap or spend does.
A capital loss on crypto goes on Form 8949 and then Schedule D, where it can offset gains and a limited amount of ordinary income.
Yes. US taxpayers must report worldwide income, so trades on a foreign exchange are reportable on Form 8949.
