Crypto taxes
If I have bought ripple with bitcoins or done something similar to that like buy ether with Bitcoin on Binance/Kraken etc, is that considered as a taxable event? If so how do I report it in my taxes?
Yes it is
What do you do if you owe taxes on unrealized gains in 2017 but then the market crashed in January and don’t have enough to cash out to pay taxes
Unfortunately you still owe taxes for 2017. But in 2018 you will have a loss that will offset future profits
Well if things don’t go up, the loss in 2018 is a deduction. So even with a USD profit, you could easily be at an overall loss
I'm afraid everything said above is wrong (for US taxpayers). altcoins are treated as collectibles, not capital assets. So your question is equivalent to whether trading an old necklace for a marble statue is a taxable event. this is something tax advisors know how to handle. the tax rate is 30% though :(
All cryptocurrencies are treated as property. No special treatment of altcoins.
Can someone explain why unrealized crypto gains are taxable?
Then if i exchange eth for an altcoin on binance that would be taxable so how would i calculate that?
bitcoin.tax