Cryptocurrency Q&A
Do you pay taxes on coins you swap?
Do you pay taxes on coins you swap?
Martina
Wed Mar 26 2025
|
7
answers
1149
I swapped some coins recently and was wondering if I need to pay taxes on them. I know taxes can be complex, but I just want to make sure I'm doing everything by the book.
7 answers
SamuraiHonor
Fri Mar 28 2025
When you engage in such a transaction, it is considered a taxable event.
Was this helpful?
61
26
EchoSolitude
Fri Mar 28 2025
Capital gains or losses must be calculated based on the difference between your cost basis and the fair market value at the time of the swap.
Was this helpful?
236
44
Raffaele
Fri Mar 28 2025
Reporting these gains or losses is mandatory.
Was this helpful?
52
71
CryptoTrader
Fri Mar 28 2025
The Internal Revenue Service (IRS) requires you to disclose any cryptocurrency transactions on your tax return.
Was this helpful?
134
78
Caterina
Fri Mar 28 2025
Swapping one cryptocurrency for another has tax implications.
Was this helpful?
304
38
Load 5 more related questions
