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Mini data sheet on tax implications for cryptocurrency trading in the United States
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<blockquote data-quote="Isaac Jordan" data-source="post: 1108104" data-attributes="member: 3810"><p>Correct. It doesn't matter where the cash is, <u>all that matters is that value was transferred from a crypto asset to a fiat base</u>.</p><p></p><p>That's why I'm considering taking the slightly riskier route of selling my crypto assets to something like USDT. It's pegged to the dollar, but <em>not </em>an actual dollar; it's still a cryptocurrency and thus would fall under the 1031 rules for like-kind exchanges.</p><p></p><p>I'm still researching additional possibilities, so if anyone can find a better solution I'm sure everyone here would be eager to hear about it.</p></blockquote><p></p>
[QUOTE="Isaac Jordan, post: 1108104, member: 3810"] Correct. It doesn't matter where the cash is, [u]all that matters is that value was transferred from a crypto asset to a fiat base[/u]. That's why I'm considering taking the slightly riskier route of selling my crypto assets to something like USDT. It's pegged to the dollar, but [i]not [/i]an actual dollar; it's still a cryptocurrency and thus would fall under the 1031 rules for like-kind exchanges. I'm still researching additional possibilities, so if anyone can find a better solution I'm sure everyone here would be eager to hear about it. [/QUOTE]
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