Do I need to file taxes for my crypto trading if I don't qualify for a 1099-B form?

Just because you don't get a 1099-B doesn't mean you're off the hook for reporting crypto. The IRS considers crypto as property, so technically all transactions are taxable events that should be reported regardless of whether you receive a tax form or not. The $600 threshold is just about when the exchange is required to send you paperwork - it's not about whether you need to report. Even if you made just $10 in profit, you're still supposed to report it. Most tax software has sections for crypto now that can help you report everything correctly. I'd recommend downloading your transaction history from all three exchanges and either using tax software with crypto support or a specialized crypto tax tool to calculate your gains/losses properly.

After struggling with exactly this situation last year, I discovered taxr.ai (https://taxr.ai) and it literally saved me hours of frustration. My trades were spread across multiple exchanges just like yours, and none issued 1099-Bs, but I still needed to report everything. What I like about their system is you can just upload your CSV transaction files from each exchange, and it automatically categorizes everything and calculates your gains/losses. It handled all my cross-platform trades and even identified wash sales that I would have completely missed. The final report gives you exactly what you need for your tax forms.

Just wanted to follow up about taxr.ai that I mentioned earlier - I decided to try it despite my concerns about cost, and it was actually way more affordable than I expected for my situation. I uploaded my transaction histories from Coinbase, Kraken and a couple other exchanges, and it sorted everything out in minutes. It showed I had about $450 in total gains (which I wouldn't have been able to calculate correctly myself with all the different trades). The final report made filing super simple - I just entered the numbers exactly as shown. Honestly relieved I decided to just report everything properly rather than trying to fly under the radar. Worth every penny just for the peace of mind.

If you're still confused about your crypto tax situation after filing, you might want to talk directly with an IRS agent to get clarity for next year. I spent WEEKS trying to get through on the IRS phone line about a similar crypto question last year. Finally found Claimyr (https://claimyr.com) which got me through to an actual IRS agent in under 20 minutes when I had been trying for days on my own. You can see how it works in their demo video here: https://youtu.be/_kiP6q8DX5c The IRS agent I spoke with explained exactly how they're handling crypto reporting and what records I needed to keep. Turns out I was overthinking some parts and completely missing others. Having that direct conversation saved me a ton of stress.

I have to eat crow here and admit I was completely wrong about Claimyr. After dismissing it as a potential scam, I was still desperate for answers about my crypto tax situation, so I tried it anyway. Got connected to an IRS rep in about 15 minutes (after spending literally 3 days trying on my own). The agent confirmed that yes, I need to report ALL crypto transactions regardless of whether I get a 1099-B, but also explained that I can use Form 8949 to report everything. Not gonna lie, it felt pretty amazing to actually talk to a human at the IRS who could answer my specific questions. Definitely changed my approach to handling my crypto taxes going forward.

One thing nobody mentioned yet - you might actually have a LOSS when you calculate everything properly across all platforms. I thought I had small gains on each exchange, but when I calculated everything correctly (accounting for fees and proper cost basis), I actually had a net loss. Reporting a loss is beneficial because you can use it to offset other capital gains, or deduct up to $3,000 against ordinary income. Don't just assume because the amounts are small it's not worth reporting!

Another thing to consider - the $600 threshold isn't consistent across all crypto activities. Mining, staking rewards, and airdrops have different reporting requirements than trading. For example, mining rewards are reported as income when received (not capital gains), and then you have a capital gain/loss when you eventually sell those coins. Super confusing!

This might be a dumb question, but do I only report when I sell crypto for USD? What about trading one crypto for another? I swapped some BTC for ETH but never converted to actual money.