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@Rick19744 @zakdaks Rick is correct.  There was a change in the tax cut bill that was signed in December 2017.  For 2017 and before, it is unclear whether cryptocurrencies are taxed at every exchange or only when cashed out.  Beginning January 1, 2018, every exchange (bitcoin to ether, to lite coin, etc.)  is treated as a capital gain or loss using the US$ conversion rate in effect on that day.   So this really ups the recordkeeping burden.  Some parts of my previous answer from 2 months ago are now wrong.