Does OpenSea Report to the IRS?

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OpenSea

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Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze OpenSea’s tax reporting policies within United States. We’ll also break down a simple way to report your OpenSea taxes in minutes.

Does OpenSea report to the Internal Revenue Service (IRS)?

At this time, NFT marketplaces like OpenSea do not report to the IRS.

However, it’s important to remember that transactions on blockchains like Ethereum are publicly visible and permanent. The IRS has worked with contractors like Chainalysis to analyze blockchain transactions and match ‘anonymous wallets’ to known investors.

Does OpenSea send tax documents?

At this time, OpenSea does not issue tax documents like Form 1099.

Do I have to pay taxes on my OpenSea transactions?

Yes. In the United States, your transactions on OpenSea and other platforms are subject to income and capital gains tax.

If you’ve earned or disposed of crypto (ex. Sold or traded away NFTs) 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 and our complete guide to NFT taxes.

Is OpenSea legal?

NFT marketplaces like OpenSea are legal in the United States.

How do I avoid OpenSea taxes?

Remember, there is no way to legally evade your taxes in the United States. However, there are tools like tax-loss harvesting and cryptocurrency tax software that can help you save thousands of dollars legally.

For more information, check out our guide on how to avoid crypto taxes.

Get an OpenSea tax report today

Looking for a simple way to report your OpenSea taxes? With CoinLedger, you can import your OpenSea transactions and auto-generate a complete gains, losses, and income tax report in minutes.

CoinLedger integrates with OpenSea and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.

You can get started with a free preview report today.

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