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Get your taxes done using TurboTax
This seems confusing. Quoting from the IRS:
Q37. Will I have to recognize income, gain, or loss if I own multiple digital wallets, accounts, or addresses capable of holding virtual currency and transfer my virtual currency from one to another?
A37. No. If you transfer virtual currency from a wallet, address, or account belonging to you, to another wallet, address, or account that also belongs to you, then the transfer is a non-taxable event, even if you receive an information return from an exchange or platform as a result of the transfer.
This makes it sound like transferring from one crypto you own to another crypto you own is a non-taxable event. The original question did not deal with a "sale" (which would be taxable); rather the question was about a exchange from one crypto to another crypto (no sale, rather a "transfer").
This topic sounds pretty murky.