Your regular CPA can handle crypto taxes only if they understand blockchain transactions and have successfully filed Form 8949 for digital assets before. Use specific identification cost basis under IRS Rev Proc 2022-24 to cherry-pick which coins you sell and minimize your tax bill, potentially saving thousands compared to FIFO or LIFO methods. If you mine crypto, you can depreciate your ASIC miners and GPU rigs over five years using MACRS depreciation under IRC Section 168, recovering 20% of equipment costs annually on Form 4562.
The IRS treats play-to-earn gaming rewards from Axie Infinity or similar platforms as ordinary income at fair market value when you receive them, reportable on Schedule 1 Line 8z. Download CSV transaction files from Coinbase, Binance, and all your exchanges before January 31st to ensure you capture every trade for accurate tax reporting. Work with a CPA or Enrolled Agent who specializes in cryptocurrency taxation and holds the Virtual Currency Tax Professional certification for the most reliable guidance.