Can anyone here explain Taxes on Bitcoin-LINK-ETH? I’ve been holding for 18+ months but converting between these 3 and a few alts. When converted, is it technically recognizing gains?

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Not a tax guy, but as I understand it, Selling any crypto (for cash or another crypto) is considered a taxable event, and if you gained in terms of cost basis, you did realize a gain.

So if you go from eth > link > eth > link that’s 3 taxable events, and you’d need to calculate the gains / losses 3 times as well as consider whether or not if you held for 12 months for short / long term tax rates.

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that’s why u should just hodl btc ;)

Like D1 says. It used to be considered 1031 exchanges which could delay tax consequences until you reconverted to fiat, but that was changed starting in 2019.

All this is well and good, it I believe Coinbase doesn’t prepare Year end statements of the gains? If I can’t even see this, I assume the IRS can’t either.

Good points. I’m going to need to lay out a few days to go through all the random transactions (crypto to crypto). I was hoping to just take my gains as my current value less my inbound fiat total. It’s the net taxable gain, unless they want to see each shitcoin i thought was a good pump, only to realize I miss my BTC and convert back a day later.

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