Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
I think it really depands on the way you are using tol exchange your bitcoin, for me i mostly use peer to peer exchange sites like localbitcoin so if i am using cash exchage hand to hand i don't pay any taxes the only thing i pay is the transaction fee from my wallet, but i don't find anyone selling bitcoin near me i usally use money transfer method like moneygram or westernunion which uslay takes some fees that are paied as taxes, as for exchanging altcoin for bitcoin i think the best way you can do that is through poloniex which has the lesset fees of all exchange sites.