Crypto taxes

Apple
Mfnp15

Go to company page Apple

Mfnp15
Feb 13, 2018 23 Comments

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?

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TOP 23 Comments
  • Adobe / Sales
    Adobel

    Go to company page Adobe Sales

    Adobel
    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
    Feb 13, 2018 11
    • Amazon
      aWxr07

      Go to company page Amazon

      aWxr07
      How is the IRS determining the "value" to determine unrealized gains? An unregulated crypto exchange? I can understand the taxation once you convert to fiat, but the values for these coins come from random exchanges, and for some coins, with not enough volume to even realize the gains if you wanted to.
      Feb 15, 2018
    • Amazon
      Moving?

      Go to company page Amazon

      Moving?
      All of the pricing of crypto is tied to Fiat. Every exchange calculates fiat value as part of the conversion, so it’s pretty easy.
      Feb 15, 2018
  • All cryptocurrencies are treated as property. No special treatment of altcoins.
    Feb 13, 2018 0
  • LinkedIn
    showmemone

    Go to company page LinkedIn

    showmemone
    Can someone explain why unrealized crypto gains are taxable?
    Feb 27, 2018 3
    • If did not trade them at all - then no taxes due
      Feb 28, 2018
    • New
      numtu

      New

      numtu
      Crypto to crypto trades are taxable events and gains or losses must be reported. If you buy a coin with fiat and hold, no gains or losses need to be reported until you execute a taxable event (trade for another crypto, move back to fiat, or purchase something)
      Mar 1, 2018
  • Unfortunately you still owe taxes for 2017. But in 2018 you will have a loss that will offset future profits
    Feb 13, 2018 1
    • Adobe / Sales
      Adobel

      Go to company page Adobe Sales

      Adobel
      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
      Feb 13, 2018
  • New
    zgBx36

    New

    zgBx36
    Then if i exchange eth for an altcoin on binance that would be taxable so how would i calculate that?
    Mar 18, 2018 0