))
Non-Taxable Transactions: Crypto Transfers
Manage episode 387597625 series 3428825
Content provided by Brandon Santiago. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Brandon Santiago or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Transfers among commonly owned accounts (wallets/ addresses/ exchanges) are non-taxable events. For example, you may move your MATIC from Crypto.com to Binance Earn to get a better yield for staking it. A transfer such as this could trigger a reporting requirement for an exchange or other platform that results in the issuance of an “information return.” An information return, such as a 1099-K for example, is sent to the IRS and to you, but it would not cause a taxable event if it arose solely as the result of a transfer. Note that in the example of moving MATIC from Crypto.com to Binance, if you earned interest on either platform, it would be considered income and would be taxed at ordinary income tax rates.
23 episodes
Share
