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RE: Is it possible that Tax Day is the single biggest drain on Cryptocurrency Prices currently?
This is an interesting take on the current trends that I hadn't considered. I'm curious about this quote:
"That combined with increased commentary from the IRS saying that anytime a cryptocurrency is exchanged for another cryptocurrency is a taxable event."
Can you explain that a bit more? So each time we turn bitcoin into steem or vice versa it's taxable? Do you have an article or something you can link that gives more information on it?
There quite a few out there if you do a quick search, but here is one: https://www.nytimes.com/2018/01/18/your-money/bitcoin-irs-taxes.html
Ah, okay. You're referring to the actual gains on the crypto investment. Do I have that right?
So if you use gains to buy other crypto currencies that can be taxable? But if there isn't a gain made before the transfer, I'm wondering how they treat that.