Is swapping crypto taxable in the United States?

3 answers

• Damis AmisNov 16, 2024 · a year 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.
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• McDonald CantuJul 12, 2024 · a year 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.
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• Advanced XX7Sep 21, 2023 · 2 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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