What kind of transactions are taxable events under US law?

Within the scope of Uphold, if you sell any cryptocurrency, precious metal or equity - for profit or loss - you’ve made a taxable transaction under U.S. law.

Trades between national currencies are exempt: if you buy US Dollars with Mexican Pesos and make a profit, the gain is not taxable.

But if you sell bitcoin to buy Mexican Pesos, the sale of bitcoin is taxable and subject to U.S. tax reporting.

Was this article helpful?
1 out of 1 found this helpful