Quote from: Lintel on March 31, 2019, 07:55:54 PM

Quote from: renes on August 08, 2017, 03:16:38 PM

If you turn any of your coins into usd or your local currency, depending on your country's laws you have to pay taxes but if you exchange cryptocurrencies you don't need to pay taxes.

True, If you exchange any of your coins into usd or into money you should pay taxes but if its bitcoin to altcoins or any coins I don't think you will pay taxes.

FALSE!

Here's proof and why are so many people on here ignoring the laws. ??

Here is the tax documentation guidelines from coinbase and the IRS.

https://www.coinbase.com/bitcoin-taxes#doyouowe

What's taxable
I.e. converting one crypto into another. Using bitcoin to buy ethereum is considered a disposition of the bitcoin, for example

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

"Q-6: Does a taxpayer have gain or loss upon an exchange of virtual currency for
other property?
A-6: Yes. If the fair market value of property received in exchange for virtual currency
exceeds the taxpayers adjusted basis of the virtual currency, the taxpayer has taxable
gain. The taxpayer has a loss if the fair market value of the property received is less
than the adjusted basis of the virtual currency. See Publication 544, Sales and Other
Dispositions of Assets, for information about the tax treatment of sales and exchanges,
such as whether a loss is deductible. "