It depends. You're right to compare it to stocks, as the IRS treats cryptocurrency as property for tax purposes, not as a currency like the USD. This means the rules are quite similar to how stocks are taxed, but with some crucial differences.
The taxable scenarios include disposing off Crypto for currency, trading one cryptocurrency for another (Crypto-to-Crypto Exchange), Using Crypto to buy goods or services, or receiving crypto as income. Just like with stocks, if you held crypto for one year or less, it will be considered short-term capital gain/loss, and if held more than one year, it will be considered long-term capital gain/loss.
For additional information, please refer to: Cryptocurrency Guide
It depends. You're right to compare it to stocks, as the IRS treats cryptocurrency as property for tax purposes, not as a currency like the USD. This means the rules are quite similar to how stocks are taxed, but with some crucial differences.
The taxable scenarios include disposing off Crypto for currency, trading one cryptocurrency for another (Crypto-to-Crypto Exchange), Using Crypto to buy goods or services, or receiving crypto as income. Just like with stocks, if you held crypto for one year or less, it will be considered short-term capital gain/loss, and if held more than one year, it will be considered long-term capital gain/loss.
For additional information, please refer to: Cryptocurrency Guide