The IRS unironically is happy to answer this question - https://www.irs.gov/newsroom/irs-virtual-currency-guidance https://www.irs.gov/newsroom/irs-virtual-curr

The IRS unironically is happy to answer this question - https://www.irs.gov/newsroom/irs-virtual-currency-guidance https://www.irs.gov/newsroom/irs-virtual-currency-guidance . Every exchange is a like-goods capital gains event, just like day-trading stocks.