Cryptocurrency Q&A
Is converting ETH to BTC a taxable event?
Is converting ETH to BTC a taxable event?
CherryBlossom
Mon Dec 30 2024
|
5 answers
1297
I am considering converting my Ethereum (ETH) to Bitcoin (BTC). However, I am unsure about the tax implications of this transaction. Will converting ETH to BTC be considered a taxable event?
5 answers
EthereumLegendGuard
Wed Jan 01 2025
If the worth of ETH exceeds the original purchase price, or cost basis, of your BTC, a taxable event is triggered.
Was this helpful?
392
27
SumoPowerful
Wed Jan 01 2025
The taxable capital gain is calculated as the difference between the selling price of ETH and the cost basis of your BTC.
Was this helpful?
367
93
DondaejiDelightfulCharmingSmile
Wed Jan 01 2025
In this scenario, assuming the difference amounts to $10,000, you will be required to pay taxes on this gain.
Was this helpful?
163
31
Eleonora
Wed Jan 01 2025
BTCC, a prominent cryptocurrency exchange, offers a range of services that cater to the needs of crypto traders.
Was this helpful?
115
44
Daniele
Wed Jan 01 2025
When you sell ETH that was initially acquired through a BTC transaction, the value of ETH becomes crucial for tax purposes.
Was this helpful?
260
23
Related questions
- Do I pay tax if I receive crypto?｜If you're holding crypto, there's no immediate gain or loss, so . Tax is only incurred when you sell the asset, and you subsequently receive either cash or units of another cryptocurrency: At this point, you have realized the gains, and you have a taxable event. the crypto is not taxed
- How do I report a cryptocurrency transaction as a taxable event?
- Is staking with Lido a taxable event?
