Viewing articles tagged 'exchange'
If you do not identify specific units of virtual currency, the units are deemed to have been...
How do I calculate my gain or loss when I exchange property for virtual currency?Your gain or loss is the difference between the fair market value of the virtual currency when...
How do I determine my basis in property I’ve received in exchange for virtual currency?If, as part of an arm’s length transaction, you transferred virtual currency to someone and...
How do I determine my basis in virtual currency that I have received in exchange for property?If, as part of an arm’s length transaction, you transferred property to someone and received...
I own multiple units of one kind of virtual currency, some of which were acquired at different times and have different basis amounts. If I sell, exchange, or otherwise dispose of some units of that virtual currency, can I choose which units are deemed sold, exchanged, or otherwise disposed of?Yes. You may choose which units of virtual currency are deemed to be sold, exchanged, or...
I received cryptocurrency in a peer-to-peer transaction or some other type of transaction that did not involve a cryptocurrency exchange. How do I determine the cryptocurrency’s fair market value at the time of receipt?If you receive cryptocurrency in a peer-to-peer transaction or some other transaction not...
I received cryptocurrency that does not have a published value in exchange for property or services. How do I determine the cryptocurrency’s fair market value?When you receive cryptocurrency in exchange for property or services, and that cryptocurrency is...
I received cryptocurrency through a platform for trading cryptocurrency; that is, through a cryptocurrency exchange. How do I determine the cryptocurrency’s fair market value at the time of receipt?If you receive cryptocurrency in a transaction facilitated by a cryptocurrency exchange, the...
Will I recognize a gain or loss if I exchange my virtual currency for other property?Yes. If you exchange virtual currency held as a capital asset for other property,...
Will I recognize a gain or loss if I sell or exchange property (other than U.S. dollars) for virtual currency?Yes. If you transfer property held as a capital asset in exchange for virtual currency,...
