Yes. But if all you do with crypto this year is use U.S. dollars to purchase crypto and then keep it in an exchange or your personal crypto wallet, you won’t owe taxes on it. In general, the more active a crypto trader you are, the more tax implications there might be. Taxable crypto events include things like selling your crypto back into U.S. dollars, trading one crypto for another (for example, Bitcoin to Ethereum), earning crypto income, and using it to make purchases.