Hi @JM321 !
If I'm understanding correctly, the Voyager Crypto was exchanged for USDC. Possibly you have received a statement on that transaction?
When crypto is exchanged, it's treated as a property sale with capital gains or losses. The basis of what you received would be the fair market value the day you took ownership of it. The basis of what you gave up would be your cost plus any fees related to purchasing it.
Future dispositions may be treated as property sales if you receive fiat currency. Again, your basis in what you gave up would be the cost plus any fees related to purchasing it.
Overall capital gains and losses are netted on your tax return and losses can be carried forward and even used to offset up to $3,000 of ordinary income per year.
Hope this helps!
Cindy
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