Many traders overpay crypto tax without realising. Here are 7 common mistakes and how to fix them in 2025.
Intro
Most crypto tax mistakes don’t just risk penalties — they make you overpay. Here are the 7 ways traders lose money every year.
Mistake 1: Forgetting to Claim Losses
If you lost money, you can reduce your tax bill — but only if you report it.
Mistake 2: Double-Counting Wallet Transfers
Moving ETH from MetaMask to Ledger isn’t taxable — but software often counts it twice.
Mistake 3: Using Wrong FX Rates
Every trade needs to be converted into GBP/USD at the correct spot rate. Wrong data = inflated gains.
Mistake 4: Missing Staking Rewards
Some traders ignore staking income. Others double-count. Both = wrong.
Mistake 5: Treating Stablecoins as Non-Taxable
Swapping BTC → USDT is still a taxable event.
Mistake 6: Reporting Only Exchange Balances
HMRC/IRS want transactions, not just balances. Partial records = incomplete filings.
Mistake 7: Rushing at Deadline
Last-minute filings mean sloppy errors — and higher bills.
Final Thoughts
Crypto tax isn’t just about compliance — it’s about saving money.
👉 At TaxAnon, we make sure every loss is applied, every transaction reconciled, and your report is optimised.
🔗 Stop overpaying crypto tax