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1970rtse-
March 28, 2024
Question

crypto swapping

  • March 28, 2024
  • 1 reply
  • 0 views

i bought a type of crypto and swapped it with another after i made gains on it, i do not plan to sell the one i swapped into is this a taxable event?

 

    1 reply

    B
    BillM223
    March 30, 2024

    Yes, the moment you swapped one type of crypto for another, you had a taxable event.

     

    Your basis in the first crypto was the FMV when you bought it (probably what you paid for it if you used dollars).

     

    Your sales price is the FMV of the second crypto on the date that you did the swap.

     

    To enter, go to Wages & Income->Investment Income->Stocks, Cryptocurrency, Mutual Funds, Bonds, Other.

     

    If you have a 1099-B enter it; otherwise, enter the data as best you can.

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