Key Facts About Crypto Tax in South Dakota
South Dakota has no state income tax, federal is the whole game. The state's trust-friendly law also makes it a hub for digital-asset trust structures, which adds entity-level crypto tax work.
- South Dakota has no state income tax, crypto gains are taxed only at the federal level.
- Federal reporting still requires Form 8949, Schedule D, and the digital-asset question on Form 1040.
- SD's trust-friendly law makes the state a hub for digital-asset trust structures.
- Trust-level crypto tax work requires per-trust wallet attribution and clean separation from personal activity.
- Count On Sheep produces CPA-ready 8949 and Schedule D inputs, your CPA files.
Phone: (858) 434-7547
From Sioux Falls to every metro in South Dakota
South Dakota crypto investors in Sioux Falls, Rapid City, Aberdeen and surrounding metros, served remotely from anywhere in the state.
South Dakota residents in Sioux Falls, Rapid City, and Aberdeen pay no state income tax, but the state's trust-friendly law makes it a hub for digital-asset trusts that need entity-level crypto tax work. We separate trust wallets from personal activity, rebuild the per-lot ledger, and hand off CPA-ready 8949, Schedule D, and Schedule 1 inputs at both layers. Count On Sheep is your crypto tax professional for South Dakota. Your CPA stays your CPA. We handle the crypto, they file the federal return.
Keep your CPA. We do the crypto.
Your CPA handles your business return, your W-2, your K-1s, your real estate. We are the crypto tax professionals who handle the wallet, exchange, and DeFi side, for South Dakota residents and beyond.
Former Big 4 + CPA leadership
Our team came up inside Big 4 firms and CPA leadership roles, then went deep into crypto. Same audit-grade discipline that ran public-company engagements, applied to your wallet history.
USA-based, hands-on team
A senior crypto tax professional reviews every engagement. No offshore data-entry pipeline, no automated black box. Every edge case, basis split, and DeFi classification is handled by humans here.
We stay in our lane
We don't file your taxes. We don't replace your CPA. We do the part most CPAs and most software can't, the crypto. Then your CPA files, or you file with TurboTax.
How South Dakota treats crypto for tax
Federal Crypto Tax Treatment (applies in South Dakota)
Reportable on Form 8949, Schedule D, Schedule 1 (or Schedule C for mining as a trade or business). Count On Sheep produces these inputs from your complete on-chain history.
What we untangle for South Dakota crypto investors
Four steps, start to finish
From anywhere in South Dakota.
Connect
You connect read-only access to your exchanges and share wallet addresses. CSV exports work too.
Reconcile
We pull and reconcile every wallet, exchange, and DeFi interaction into one ledger with cost basis, holding period, and proceeds per lot.
Specialist Review
A senior crypto tax professional reviews edge cases. Manual basis splits, DeFi classifications, bridge events, restaking, NFTs.
CPA-Ready Reports
You get CPA-ready Form 8949, Schedule D, Schedule 1 inputs (and Schedule C for mining), plus full workpapers. Hand to your CPA, or load into TurboTax.
Clean files, ready for your CPA
When the crypto tax work is done, you receive a tidy package: Form 8949 detail, Schedule D totals, Schedule 1 inputs for staking and airdrops, and the workpapers behind every number. That goes straight to your CPA, or into TurboTax.
Common questions, South Dakota edition
How is crypto tax work different for a SD trust holding crypto?
Trust-level crypto tax work requires per-trust wallet attribution, basis tracking by sub-account, and clean separation from grantor or beneficiary personal activity. We rebuild the trust ledger separately and produce K-1-ready Schedule D and 8949 detail your CPA can use.
Do I owe South Dakota tax on my crypto?
No. South Dakota has no state income tax, so your crypto gains are taxed only at the federal level. The crypto tax work, rebuilding cost basis across exchanges, wallets, and DeFi, still has to happen for the federal 8949 and Schedule D.
Do you file my taxes?
No. That's deliberate. Count On Sheep is a team of crypto tax professionals. Former Big 4 and CPA leadership, now crypto-native blockchain tax experts. We produce CPA-ready 8949, Schedule D, and Schedule 1 inputs. Your CPA files. Or you file with TurboTax. Staying out of preparation keeps the engagement conflict-free and the audit trail clean.
Can my CPA use your reports?
Yes. That is exactly the point. Our deliverable drops directly into the workflow your CPA already uses. Schedule D totals, 8949 detail, Schedule 1 inputs for staking and airdrops, and reconciliation workpapers behind every number.
Does this work with TurboTax?
Yes. If you self-file, the Count On Sheep deliverable plugs into TurboTax. You enter the 8949 totals (or import where supported), and our workpapers back up every line if you ever need to defend it.
How does a remote engagement work?
Everything is remote. We serve South Dakota residents from anywhere in the state. You grant read-only API access to your exchanges, share wallet addresses for on-chain history, and we handle the rest. No travel, no in-person meetings required.
What do I need to start?
Exchange account access or CSV exports, wallet addresses for every chain you have transacted on, any prior-year tax returns that touched crypto, and a brief on your DeFi activity. We scope from there.
How is the engagement priced?
First-time crypto tax engagements start at a $999 minimum. Larger or more complex engagements are scoped hourly at $500/hr after the initial call. All fees are quoted in writing before you commit.
About the Count On Sheep team
Count On Sheep is a USA-based team of crypto tax professionals. Former Big 4 accountants and CPA leadership, now crypto-native blockchain tax experts. We do hands-on crypto tax work for high-volume investors, funds, founders, and active traders, including South Dakota residents from Sioux Falls, Rapid City, Aberdeen and beyond.
We don't file taxes. We don't replace your CPA. Most CPAs don't do crypto, that's the gap we fill. We bridge DeFi and TradFi to produce the 8949, Schedule D, and Schedule 1 inputs your CPA can drop into your return.
Ready to get your crypto tax handled and CPA-ready?
Book a free scoping call or call us directly. We serve South Dakota residents remotely.