@Lalita202 , thank you for your response. While I am not quite familiar with the terms you used ( USDT --token /, USDC - --coin etc. ), my understanding is that you are taking something in foreign currency ( or equivalent ) and then after a process ending up with US$ in your bank account. If that is so , for purposes US taxes , it is not material as to the exact process of conversion. You have to recognize ( and pay taxes ) on ANY increase in US$ value. Because of the variances in Digital asset values , it may cause some fluctuation in foreign currency in and actual US$ in your account. All you can do is to keep good records to prove your claims. Note that while any gains realized is taxable most losses are personal and not deductible.
Is there more I can do for you ?
