Crypto Exchanges Get Dicey Under New IRS Rules

Crypto-to-Crypto exchanges are taxable similar to sale of cryptocurrencies. If you had any crypto to crypto exchange transactions during 2019, you would have to check “yes” on the crypto question on Schedule 1. Speaking of crypto to crypto trades, one puzzling question to many crypto enthusiasts is why do you even have to pay taxes when you don’t cash out the proceeds into US dollars? These transactions are very common among crypto traders because some alt coins can only be purchased using other major cryptocurrencies such as bitcoin (BTC) or ether (ETH).  

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