When do I need to report my cryptocurrency taxes? Do I need to even if I haven't sold for fiat?
You will need to report cryptocurrency transactions to the IRS if:
You exchanged one cryptocurrency for another cryptocurrency (capital gain).
You sold cryptocurrency directly for U.S. dollars (capital gain).
You received cryptocurrency as payment for goods, services, or mining (income).
You spent cryptocurrency on goods or services (capital gain owed on the appreciation only).
These are all taxable events, and TokenTax correctly reports them in fiat amounts as required for tax.
If you only bought and have not traded, sold, or spent crypto, then you do not need to report it that particular asset.
TokenTax does the work so you don’t have to.
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