Claim your crypto losses Disclaimer: This is not tax advice. For tax advice, you should consult with tax professionals. The purpose of this article is to illustrate how a simple crypto transaction: Buying one crypto with another crypto may generate something that the US authorities consider as a taxable gain or loss, also called a tax event. For the purpose of this article, we will assume the following transactions: First transaction is: buying Ethereum (ETH) with US dollars Second transaction is: buying Lumens (XLM) with Ethereum (ETH) a day later In the real world, what's happening is that the day you bought ETH, ETH price was let's say, $600 a piece (remember HODLERS from the last crypto winter? ) So you spent $600 to acquire 1 ETH. You didn't think much about that ETH price because your target was to buy XLM. Back then XLM couldn't be bought directly with US dollars, hence you bought ETH as a pivot. A day later when you finally com...
How to transfer cryptos from Coinbase to Binance? In a previous post, I covered how to buy cryptos with USD? By now you have come to realize that on Coinbase : 1) your trading options are limited. 2) Fees are very high on this Primary Exchange. I label Coinbase a primary exchange because it supports trades from and to legal currencies. As you may have discovered, most exchanges out there do not support trading with legal currencies but only trading from one cryptocurrency to another. I label those exchanges Secondary exchanges . One of the most famous Secondary Exchange is the Taiwan-based Binance . So you have traded a few dollars for Bitcoins that now sit on your Coinbase wallet and you are eager to get into crypto trading: Buying alt coins like Ripple, Neo, IOTA… you name it. As stated in my previous post, the website coinmarketcap.com provides a great overview of all the various cryptocurrencies that are out there and where to buy them. ...