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petervaj8
March 20, 2022
Question

I bought $1 worth of a crypto and its price goes up and it is now worth $6 I convert it to USDT then use the USDT to buy different crypto do I pay taxes on the 2nd buy?

  • March 20, 2022
  • 1 reply
  • 0 views
The tax report for the gain on $1 to $6 is already reported.
Not sure if I have to report taxes on using USDT buying another crypto.

1 reply

JohnB5677
JohnB5677
March 21, 2022

No, You correctly listed the original $1 to $6 sale.  That money is fully taxed.  If you then buy any other stock or currency it will not be reported for tax purposes until it is sold. 

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