We can’t give tax advice and encourage you to talk to a tax professional about your personal financial situation. That said, here’s some general information to get you started.
Crypto transactions are taxed similarly to property transactions. You are responsible for reporting crypto transactions to the IRS. If you buy crypto using the Public app and hold that crypto, typically the transaction will not be taxed by the IRS because you haven’t realized any capital gain or loss. If you sell crypto using the Public app and receive cash, typically the IRS will tax you on any capital gains. If you made a capital loss on the sale, then you could be entitled to a tax deduction.
If you bought or sold crypto assets on Public in 2022, you will receive an annual crypto tax statement from Public's crypto trading partner Bakkt Crypto Solutions LLC (formerly Apex Crypto). This tax statement provides details around your short-term and long-term gains and losses from cryptocurrency investments in 2022.
When filing your taxes, you will use this crypto tax statement to complete IRS form 8949. We notify our members when these documents are made available.
Once your crypto tax forms are available, you'll be able to access them in the Public app:
Select the icon with 3 lines on it in the top left corner
Scroll down and select Account Settings
Scroll down to the Documents section
Tap Tax Documents
Please note this is for informational purposes only and should not be considered as tax advice. You are responsible for reporting your crypto transactions to the IRS and paying the required taxes. Public members should consult their tax advisors concerning any applicable tax laws.
If you ever have questions, the team is always here for you, so feel free to give us a shout on the app’s Chat or via email at email@example.com.