Do I have to pay Crypto taxes?

Gains/Losses from crypto trading are generally treated with the same tax rules as stock trading. If you have purchased crypto with Firstrade and are still holding the position, the transaction will not be taxed by the IRS because you have not sold the position for a realized gain or loss. If you have sold the crypto position, any capital gains will be taxed, and losses will be eligible for a tax deduction.

A crypto tax statement will be available for account holders who had realized gain/loss from crypto transactions in their Bakkt Crypto Solutions, LLC account from the previous calendar year.

To access the document:

1.       Login to your Firstrade account.

2.       Navigate by going to:

Website: 'Accounts' > 'E-Documents' > 'Tax Documents' > Select 'Crypto Docs' from the document type dropdown menu.

Mobile APP: 'Account' > 'Documents' > 'Tax Documents'.

This article is for informational purposes only and does not constitute tax advice. Clients are responsible for reporting any realized crypto transactions to the IRS and should consult with a tax advisor regarding applicable tax laws. Please refer to this IRS general guidance: https://www.irs.gov/pub/irs-drop/n-14-21.pdf