Scenario:
In 2018 bought Bitcoin with USD (non taxable event). Traded those Bitcoin for another crypto (taxable event). Did not report or file taxes on the previous trade.
Fast forward one year. The crypto traded from BTC has been held for over 1 year and appreciated in price. Plan to report taxes and do everything properly.
If i didnt pay taxes in 2018 in obtaining a crypto (commodity), would it still be eligible for long term capital gains tax in this case? Does paying taxes on how it was obtain make any difference? Or is all that matters is that it is held for over a year?
I would appreciate any input. Thanks.
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