Do you pay taxes on exchanging crypto

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Many exchanges help crypto traders assets by the IRS, they seller in this transaction:.

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DO YOU HAVE TO PAY TAXES ON CRYPTO?
You only pay taxes on your crypto when you realize a gain, which only occurs when you sell, use, or exchange it. Holding a cryptocurrency is not a taxable event. However, crypto received as a salary is not subject to this high tax rate as it falls under the �income from salary� tax head. Choosing the right exchange. In general, crypto-to-crypto exchanges that result in a capital loss do not require tax payments. They do, however, still need to be reported on your tax.

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How Cryptocurrency Taxes Work. This landmark decision played a significant role in igniting the crypto boom of and marked a crucial turning point for the struggling Indian crypto market. Only the balance amount will be paid to the seller.