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BinanceUS is reporting a crypto transaction as a sale when it was only a transfer to another wallet which is not taxable, what do I do?

 
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1 Reply
ColeenD3
Expert Alumni

BinanceUS is reporting a crypto transaction as a sale when it was only a transfer to another wallet which is not taxable, what do I do?

How are they reporting it as a sale? You can contact them to find out what they are actually doing.

 

Please see this partial answer from @Critter.

 

Not every transfer of funds is considered a sale. For the user, sending bitcoins from a one wallet to another wallet, for example, is only a transfer and not a sale since the user is still in possession of the coins.

 

You should keep your own records for best results and update the report accordingly,. “For example, if you transfer funds offsite to a desktop wallet, and then back again, you would not count this as a sale of digital currency.”

 

 

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