Free tool · 60 seconds
Does your crypto activity need a compliance scan?
Five questions. Real preliminary signal across IRS, FinCEN, and OFAC, not a marketing quiz. Email-gated only after you see the answer.
In any single tax year, has the cumulative value of your crypto trades, swaps, or transfers exceeded USD 20,000?
Counts swaps + transfers + sales, not just sales for fiat. The IRS uses gross transaction value, not net gain.
Questions about crypto reporting
Do I need to disclose crypto on my US tax return?
Every Form 1040 since 2020 asks whether you received, sold, exchanged, or disposed of digital assets. You answer yes if you traded, swapped, sold, received as payment, or were paid in crypto during the year. Mere holding does not trigger the question.
When does FinCEN Travel Rule apply to me?
The Travel Rule applies to qualifying transactions of USD 3,000 or more between Money Services Businesses (MSBs). If you are an MSB or interact with one (including most centralized crypto exchanges), counterparty info must be transmitted with the funds.
What is FBAR for crypto?
US persons with foreign financial accounts aggregating more than USD 10,000 at any point during the year must file FinCEN Form 114 (FBAR). The IRS has signaled it intends to extend FBAR to crypto held on non-US exchanges; until the final rule lands, the conservative answer is to report.
Why does counterparty risk matter for compliance?
Receiving crypto from a sanctioned address, a mixer, or a counterparty later linked to enforcement action can trigger OFAC strict-liability exposure (up to USD 381,000 per transaction or twice the value, whichever is greater) regardless of intent. Provenance evidence is your defense.