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24548519 No.24548519 [Reply] [Original]

i cant find out if we truly have to pay taxes on crypto-to-crypto and when we "farm" NFTs

>never cashed out of crypto but have done crypto-to-crypto transactions (ETH for shitcoins on uniswap)
>have exchanged farmed shitcoins for NFTs
>have practically no money in bank account to use for taxes

I'm on cuckbase btw

>> No.24548629

Just use tokentax.

t. Not a shill

>> No.24548657

>>24548519
Also interested in this. Does a swap count as a sell? How do I calculate the gain/loss based on the prices of the coins I swapped between??

>> No.24548682

>>24548519
>>24548657
taxation is theft glowies

>> No.24548877

>>24548519

I was researching this a little ways back when contemplating getting into yield farming. Assuming you're in the US, there is no specific guidance in tax code about this in particular, because crypto is already an incredibly new technology that defies traditional categories. I emailed tokentax during this time and they said it should be treated as a loan.

If you did get in trouble though, you have plenty of latitude to claim that tax code is too ambiguous for this particular situation. I really don't think anyone has crossed this bridge yet.

>> No.24549276

If you are in the US I think you can treat it like Forex trading... so very few people pay taxes on transactions that don't directly involve USD