MarthaT
Employee Tax Expert

Get your taxes done using TurboTax

Hello and thank you for your question,

 

To answer your questions,  Crypto is treaty as "Property" therefore you pay taxes when you buy, sell or exchange crypto.  

 

1.  If you send crypto to yourself into a different wallet or different platform does not trigger any tax liability.  Unless you sell it or exchange this virtual currency then it will trigger taxes.

 

2. If you send crypto to another person does not trigger taxes.  If you are paying another person services provided to you with crypto currency then the other person needs to report it as income and pay taxes.   It will apply to you too if you received payment for services you provided and get paid with crypto then you need to report it as income in your tax return in schedule C.

 

3.  If you send crypto to yourself into an international platform will not trigger any tax liability unless you are exchanging, selling, or buying crypto currency this crypto currency

 

I hope this answered your question.  You can also find more detail information at:

 

4Crypto Tax Myths You Need to Know

https://turbotax.intuit.com/tax-tips/investments-and-taxes/4-crypto-tax-myths-you-need-to-know/L4cej...

 

Thank you for your question

 

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