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If i sell crypto and reinvest do i pay taxes

If i sell crypto and reinvest do i pay taxes

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Crypto Tax Free Plan: Prepare for the Bull Run
The IRS classifies cryptocurrency as property, and cryptocurrency transactions are taxable by law, just like transactions related to any other property. Taxes. Do I Pay Taxes on Crypto If I Don't Sell? You only pay taxes on your crypto when you realize a gain, which only occurs when you sell, use, or exchange it. If you reinvest the $ in another cryptocurrency, you'll only pay taxes on it when you sell it. How to get around paying taxes on cryptocurrency? You can get.

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Do you have to pay taxes on crypto if you reinvest? Many exchanges help crypto traders keep all this information organized by offering free exports of all trading data. Disposal events include selling your cryptocurrency for fiat, trading your cryptocurrency for other cryptocurrencies, and buying goods and services with crypto. View all sources. These include white papers, government data, original reporting, and interviews with industry experts.