Bitcoin and Crypto Talk (Merged)(includes NFT)

itztime said

I don't believe it is trustworthy also, from what I understand if you move between wallets with the same coin its not taxable though if you move between wallets to trade for another coin it becomes taxable. At least that is what I read and understood on one of those Crypto blogs.

Click to expand...

I don't think it becomes a taxable event until the trade. So if you move coin from a wallet or platform account to another wallet or platform account (all your accounts), that isn't a taxable event. It's the same as moving fiat from your checking in one bank to a savings in another - there's no transaction. It doesn't matter why you moved the coin . . . but if, after moving it, you make a trade and there's a gain/loss, that's a taxable event.

@Denzien : losses count against gains. It's aggregate for the year.