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I'd expect that converting from 1 cryptocurrency to another doesn't count as a gain until it's turned back into a country issued currency. They're basically th
by AYBABTME 9y ago
I'd expect that converting from 1 cryptocurrency to another doesn't count as a gain until it's turned back into a country issued currency. They're basically the same unusable[1] asset under a different umbrella.
[1]: if we're pragmatic about it, cryptocoins can't be used for much on their own
- sokoloff 9y agoThis is no different than selling one Vanguard fund and buying a different one. There is a notional to/from USD implied in the conversion, even though Vanguard lets me do it in a single transaction.
- AYBABTME 9y agoI thought there was something about selling/buying an asset of the same class within a certain period not triggering a tax event or something? The thing that tax-loss harvesting is based off.
- sokoloff 9y agoYou might be thinking of one of two things: 1. Wash sale rules (where buying a substantially identical security within 30 days before or after a sale-for-a-loss disallows the loss) 2. Section 1031 exchanges