Avoid these 7 crypto tax mistakes in 2025. From NFTs to staking, here’s how traders lose money — and how you can stay compliant with HMRC, IRS, and CRA.
Intro
Most crypto traders overpay tax (or worse, underreport and risk penalties). Here are the 7 biggest mistakes I see every day — and how to avoid them.
Mistake #1: Ignoring Staking Rewards
- HMRC & IRS see staking = income.
- Many traders forget → underreporting risk.
Mistake #2: Forgetting NFTs
- NFTs = capital gains (buy/sell).
- NFT creators may face income tax.
Mistake #3: Wallet Transfers Chaos
- Moving ETH from MetaMask to Ledger isn’t taxable — but if not reconciled properly, tax offices assume it’s income.
Mistake #4: Mixing Business & Personal Wallets
- Traders running businesses blur the line → messy audits.
Mistake #5: Thinking VPN = Anonymity
- Exchanges share KYC data. VPN ≠ tax shield.
Mistake #6: Forgetting to Claim Losses
- Losses can offset gains — but only if reported.
- Many forget → overpay tax.
Mistake #7: Leaving It Until January (UK) or April (US/Canada)
- Rushed filings = errors = penalties.
Final Thoughts
Crypto taxes are full of traps — but also opportunities.
👉 At TaxAnon, we spot every mistake and turn chaos into compliant reports fast.