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RE: ADSactly On ADSACTLY - Part #38 - Taxation of Crypto - Part #1

in #adsactly7 years ago

Here are few tips I know about in US.
Trading cryptocurrency to fiat currency like the dollar is a taxable event,
Trading cryptocurrency to cryptocurrency is a taxable event
Using cryptocurrency for goods and services is a taxable event
Giving cryptocurrency as a gift is not a taxable event
A wallet-to-wallet transfer is not a taxable event.
Buying cryptocurrency with USD is not a taxable event. You don’t realize gains until you trade, use, or sell your crypto. If you hold longer than a year you can realize long-term capital gains
if you hold less than a year you realize short-term capital gains and losses