Kraken issues Form 1099-MISC and Form 1099-INT to the IRS. These forms are designed to report taxable income and are issued to customers and the IRS.
Yes. In the United States, your transactions on Kraken and other platforms are subject to income and capital gains tax.
If you’ve earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the IRS.
For more information, check out our complete guide to cryptocurrency taxes.
Yes. Kraken legally operates in the United States.
Yes. Earning cryptocurrency through staking on Kraken and other platforms is subject to income tax.
While Kraken issues tax forms to customers and the IRS, it’s important to remember that exchanges often have trouble calculating your capital gains and losses if you’ve transferred your crypto into or out of the platform.
Luckily, there’s an easier way to calculate your crypto taxes. Crypto tax software like CoinLedger can connect to your wallets and exchanges and generate a comprehensive tax report in minutes!