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As someone else on here pointed out, the IRS would consider this selling ETH and buying an equivalent value in DAI. Selling the ETH is taxable as capital gains.
by AlexandrB 5y ago
As someone else on here pointed out, the IRS would consider this selling ETH and buying an equivalent value in DAI. Selling the ETH is taxable as capital gains. Whether the IRS catches your friend or not is a different matter.
- coolspot 5y agoPoint is, if you sell ETH for USD on Coinbase, they will report you to IRS. But if you convert ETH to DAI, no one will get a report for that.