In the United States, the Internal Revenue Service identifies cryptocurrencies as property for tax purposes. When you use your cryptocurrency to make a payment with Flexa, you may be exchanging your cryptocurrency for a good or service, and any gain or loss incurred from that transaction could be considered a taxable event.

As a US resident making payments with Flexa, you may be required to file Form 8949, Sales and Other Dispositions of Capital Assets, with your federal tax return.

To assist you with the preparation of your cryptocurrency-related tax filings, Flexa sends you an annual transaction summary (in CSV format) that includes an itemized record of all your activity on Flexa. You can use your Flexa transaction summary to prepare your federal tax return by yourself or import it into a compatible tax preparation service with just one click.

What forms does Flexa file on my behalf?

Because Flexa’s current spending limits do not meet the thresholds for filing a Form 1099-K, Flexa does not send the IRS any information about customer spending.

Can Flexa tell me what forms I need to file?

Unfortunately, no—Flexa is not certified to provide tax advice, and cannot assist you with the preparation of your tax return. For the proper advice, you should consult your tax professional or a qualified cryptocurrency tax preparation service.

What if I didn't receive my transaction summary?

By default, we only email you a transaction summary if:

  • You’ve made a cryptocurrency deposit at some point in the year,
  • You’ve made a purchase using cryptocurrency, or
  • You’ve received a total credit amount of more than US$10

If you think you should have received a transaction summary, but didn't, first check your spam folder, and then reach out to our support team to request another copy.

An important note

This material has been provided for general informational purposes only. It does not constitute accounting, investment, legal, or tax advice, nor is it intended to convey a thorough treatment of the subject matter. Please consult a tax professional for assistance with your personal tax circumstances.

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