Is exchanging one crypto for another taxable

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How TaxBit can help As cryptocurrency during the tax year, please read our article.

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A crypto trade is a taxable event. If you trade one cryptocurrency for another, you're required to report any gains in U.S. dollars on your tax return. Every. In general, crypto swaps are subject to taxation, but in the case of a crypto swap loss, there is simply no income (also referred to as a capital gain) for the. If you held the virtual currency for one year or less before selling or exchanging the virtual currency, then you will have a short-term capital gain or loss.

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However, this anomaly is considered by many to be a tax loophole that Congress is intent on closing in the near future. However, the conservative approach is to treat airdrops of NFTs or utility tokens the same way. For more information on capital gains and capital losses, see Publication , Sales and Other Dispositions of Assets. For more information on charitable contribution deductions, see Publication , Charitable Contributions. Join our team Do you part to usher in the future of digital finance.