How to File Crypto Taxes in 2025
Filing my crypto taxes was literally terrifying for me the first year or two I did them - especially since I have 20 wallets across all verticals, ie:
CEX (centralized exchange)
DEX (decentralized exchange)
soft wallets (Metamaks, Phantom, etc)
hardware wallets (Ledger)
One of my wallets - my first one - is from 2014! This means, it felt almost impossible to figure out my cost basis from that long ago.
From the IRS.GOV Website
CoinLedger Saved Me
Since, 2022, I have been using the tool CoinLedger to aggregate all of my wallets in one place. I just sync up my accounts, and boom, it digs through every trade, buy, and sell to figure out my cost basis. It even catches those random staking rewards or airdrops I totally forgot about. NFTs, too.
No more stressing over what I paid for that Ethereum in 2017, and you don’t need to be a math wizard or spend hours on spreadsheets.
Once it’s done, you’ve got everything you need, IRS-ready. Plus, it’s got that xAI edge—makes it feel next-level. If you’re in deep with crypto like me, it’s a no-brainer way to dodge the tax season terror.
Crypto Taxes in New York and the U.S.
For now, the IRS sees crypto as property, not cash. So every time you sell, trade, or even buy a coffee with Bitcoin, you might owe capital gains. Held it under a year? That’s short-term, taxed like regular income—10% to 37%, depending on your stack. Over a year? Long-term rates kick in—0%, 15%, or 20%, based on what you pull in. If you’re earning crypto—like staking or getting paid in it—that’s straight income, taxed at those same 10-37% rates.
* Keep in mind, starting 2025, the IRS wants cost basis per wallet.
For New Yorkers, like me we pay state income tax on top, running 4% to 10.9%, depending on your income.
The feds are getting stricter too—by 2026, exchanges will send your gains straight to the IRS with this new 1099-DA form.
Why It Matters
Crypto is still brand new, and the tax game’s heating up. With the IRS caring more every year, screwing up’s not an option—audits are not fun. CoinLedger makes it really easy, pulling every transaction into one place so I’m not stressed come April. Exchanges reporting gains in 2026? e—I’m already sorted. I don’t have time to play detective with a hundred trades, and my accountant’s not cheap. This tool just handles it.
It’s also great for playing the market smarter too. Seeing my cost basis in real time helps me time sells without getting crushed by taxes. If you’re managing multiple wallets or just dipping your toes in crypto, CoinLedger’s a good idea. Built by xAI, it’s slick and fast.
Other Crypto Accounting Apps
Here are four competitors to CoinLedger you can check out:
Koinly - A popular crypto tax platform with over 800 integrations, offering detailed tax reports and portfolio tracking.
CoinTracker - Trusted by many for its ease of use, it connects to exchanges and wallets to calculate taxes automatically.
TaxBit - Focuses on tax compliance for individuals and businesses, with a strong emphasis on enterprise-grade solutions.
ZenLedger - Provides tax reporting and portfolio management, supporting complex transactions like DeFi and staking.
