this post was submitted on 22 Jan 2024
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[Question] Is crypto only taxable if you withdraw? or if you convert? (zerobytes.monster)
submitted 1 year ago by [email protected] to c/[email protected]
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The original was posted on /r/cryptocurrency by /u/brian-augustin on 2024-01-22 00:44:47+00:00.

edit: USA

I tried to time the market a month ago, had a stop order limit for a certain amount of BTC, it sold everything, which I knew it was going to do but didn't even consider taxes cause I thought you get taxed if you withdraw.

I just checked my tax form on the crypto exchange and it says I have $X,XX.XX amount of gains.

Its listed on the exchange as

Outgoing FROM 0.XXXX BTC ---> Unknown Estimated Tax Impact $X,XX.XX

When I report this during my taxes will I get taxed for the sell? - Even though I don't think I made profit?

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