Hey
How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.
you need to consult a professional my friend, any suggestion here may be worse than doing nothing for you.
but as far as i can tell you, i believe you report taxes on the profit you make from trading and if you calculate it after some time not each trade. so for example you make 20% and lose 10% and make 5% then you report total of 15% profit and pay taxes on that.
but also at the same time i think in countries like US they consider bitcoin a commodity so maybe having bitcoin may be subjected to taxes. again as i said consult a professional lawyer or something.
The best advice, consulting a professional is the safest thing to do. Especially after the whole Coinbase debacle, at some point it will come back to bite you especially in the US. As far as I have seen it is the profit you need to pay tax on.