In looking toward the future where I can access some of my gains I’m curious as to what a taxable event in crypto is. This is specifically looking at exchanges in the UD.
If I transfer Bitcoin to Ethereum does that count as “selling Bitcoin” and thus I’m taxed 30% capital gains (if I’ve held less than a year)?
Similarly, if I transfer to a coin to USDC does that count as selling since it’s basically the US dollar?
Do I only get taxed for moving money off the exchange or if I keep it on the exchange does it count as holding an asset?
Is there a certain amount of value that I will have to take into account unrealized gains tax?
Tax season is still a few months away, but it’s be nice to know for decision making now. I plan to hold, but in the future it’s be nice to know.
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