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RE: Top 7 Reasons to Buy and Hold Binance BNB Coins
I’m interested in what tax implications this brings, given that some people say multiple trades between coins is taxable and others say that until you convert coins into fiat becomes taxable.
I guess we have to consult with government agencies to clear up speculations, so we know before hand what we are getting ourselves into. I started investing not too long ago so I have homework to do before April comes.
Came across your post. It is past tax time and wanted to see how your studying went. If I were to see your comment 4 months ago when you wrote it, I would have given you the advice that if you were going to check with a government agency their answer would have resulted in you paying the highest amount of taxes.
Use the community being created here to find your answers. The US government is greedy. They had an option in this case to make every trade a taxable event or only events in which crypto was turned into fiat. taxing every trade is a HUGE number. So naturally this is the number they went after. The fun part will be seeing how well they did on collecting when it is all said and done.
Thanks for sharing!