JohnB5677
Expert Alumni

Get your taxes done using TurboTax

A transfer between platforms is not a taxable event.  There is no transaction type because no transaction occurred.  You can delete every one of those transfers on both sides of the transaction.

 

Keep records of your crypto transactions.

The IRS is stepping up enforcement of cryptocurrency tax reporting as these virtual currencies grow in popularity. As a result, you need to keep track of your crypto activity and report this information to the IRS on the appropriate crypto tax forms.

 

Beginning in tax year 2020, the IRS also made a change to Form 1040 and began including the question: "At any time during 2022, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?"  If you check "yes," the IRS will likely expect to see income from cryptocurrency transactions on your tax return.


 

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