Crypto & tax · IL
Illinois Crypto Tax Calculator
Estimate your 2025 federal and Illinois state tax on crypto capital gains, with FIFO, LIFO, or HIFO cost basis.
Cost-basis method — changes which lots are sold
Transactions4
$
$
$
$
Filing status
Other taxable income Excluding crypto
$
Estimated tax owedFIFO
$2,405
short-term gains$3,000
long-term gains$8,000
short-term tax$660
long-term tax$1,200
IL state tax$545
total gains
$11,000
estimated tax
$2,405
effective rate
21.9%
Crypto capital-gains tax in Illinois
Illinois has a flat 4.95% income tax that applies to wages and capital gains alike, including crypto. A per-person exemption of $2,850 (2025) reduces the taxable amount, though it phases out at high incomes.
Common questions
How is crypto taxed in Illinois?
At the federal level, crypto is property and gains are taxed as short- or long-term capital gains. At the state level, Illinois taxes crypto capital gains as ordinary income — the same rate as your wages, with no long-term discount.
Does Illinois have a lower rate for long-term crypto gains?
No — unlike the federal system, Illinois does not give long-term gains a preferential state rate; they're taxed the same as short-term gains.
How we calculate this
Federal lot-matching per our crypto-tax methodology, plus 2025 Illinois state treatment of capital gains. Estimates only — not tax advice.
Estimates for general informational purposes only; not tax advice. Crypto tax rules are complex and Illinois state treatment is simplified here — verify with the state Department of Revenue and a tax professional.