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tboston20
Level 2
January 14, 2023
Solved

Moving a crypto coin to a contract wallet, is that transfer a withdrawal (i.e. Drip Crypto)? Once transfered you can't get that coin back but rewards rely on rewards.

  • January 14, 2023
  • 1 reply
  • 28 views
Is that then considered a gain or loss or would that be a personal wallet to wallet transfer that is not taxable?  Some examples are Drip Networks or  Hive Investments.
Best answer by JohnB5677

Moving a crypto coin to a contract wallet is a transfer and is not taxable.  Additionally, the transfer will not change your cost basis, or your holding period.  However, it is your responsibility to maintain record of that information.

 

Also, Cryptocurrency fees can be added to your cost basis in some circumstances, which can reduce your capital gains tax.

In addition you can also see IRS flyer:  Frequently Asked Questions on Virtual Currency Transactions

1 reply

A
Anonymous_
Level 15
January 14, 2023

See https://gordonlawltd.com/crypto-tax-guide

    JohnB5677
    JohnB5677Answer
    Level 15
    January 16, 2023

    Moving a crypto coin to a contract wallet is a transfer and is not taxable.  Additionally, the transfer will not change your cost basis, or your holding period.  However, it is your responsibility to maintain record of that information.

     

    Also, Cryptocurrency fees can be added to your cost basis in some circumstances, which can reduce your capital gains tax.

    In addition you can also see IRS flyer:  Frequently Asked Questions on Virtual Currency Transactions

    **Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
    T
    tboston20Author
    Level 2
    January 16, 2023

    Thank you!

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