Not every crypto transaction is taxable. The following activities are generally not considered taxable events:
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Buying crypto
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Transferring like-for-like assets between exchanges
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Gifting crypto excluding large gifts that could trigger other tax obligations
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Donating crypto, which is tax-deductible
The following crypto activities are generally considered taxable events:
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Selling crypto for cash
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Trading one digital currency for another
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Using crypto as payment
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Mining or staking crypto
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Receiving airdropped tokens
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Getting paid in crypto