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Is swapping crypto taxable in the United States?

avatarMeldgaard MullinsNov 26, 2021 · 3 years ago3 answers

I've been swapping cryptocurrencies on various exchanges, and I'm wondering if these transactions are taxable in the United States. Can someone please clarify the tax implications of swapping crypto in the US?

Is swapping crypto taxable in the United States?
Cryptocurrency
Tax
United States

3 answers

  • avatarNov 26, 2021 · 3 years ago
    Yes, swapping crypto is taxable in the United States. The IRS treats cryptocurrency as property, so any gains or losses from swapping crypto are subject to capital gains tax. Make sure to keep track of your transactions and report them accurately on your tax return.
  • avatarNov 26, 2021 · 3 years ago
    Swapping crypto is indeed taxable in the United States. The IRS considers it a taxable event, similar to selling or exchanging property. It's important to keep records of your swaps and consult with a tax professional to ensure you're fulfilling your tax obligations.
  • avatarNov 26, 2021 · 3 years ago
    As a representative of BYDFi, I can confirm that swapping crypto is taxable in the United States. The IRS requires individuals to report any gains or losses from cryptocurrency transactions, including swaps. It's essential to stay compliant with tax regulations and seek professional advice if needed.

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