Cryptocurrency Q&A
Is transferring Bitcoin taxable?
Is transferring Bitcoin taxable?
Alessandra
Thu Dec 05 2024
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6 answers
898
I'm wondering if transferring Bitcoin is considered a taxable event. I know there are tax implications for buying and selling cryptocurrency, but I'm not sure about simply moving it from one wallet to another.
6 answers
Bianca
Sat Dec 07 2024
The cost basis of the crypto, which is used to calculate taxes upon disposal, remains unchanged.
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KDramaLegendaryStarlight
Sat Dec 07 2024
Similarly, the holding period of the crypto is unaffected by transfers between wallets.
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OpalSolitude
Sat Dec 07 2024
Maintaining accurate records of these transfers is essential.
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CryptoElite
Sat Dec 07 2024
Crypto transfers between wallets generally do not incur tax obligations.
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CryptoWizardry
Sat Dec 07 2024
Proper record-keeping helps ensure that crypto holders comply with tax regulations and avoid potential issues.
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