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Crypto Taxes Explained For Beginners - Cryptocurrency TaxesYou may have to report transactions using digital assets such as cryptocurrency and NFTs on your tax returns. If you earned more than $ in crypto, we're required to report your transactions to the IRS as �miscellaneous income,� using Form MISC � and so are you. Step 2: Complete IRS Form for crypto. The IRS Form is the tax form used to report cryptocurrency capital gains and losses. You must.