uhh did gemini remove the ability to sell btc for eth or am i a spectacular idiot right now
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A warning to be a careful with crypto->crypto trades during bull run--every tx is generating taxable capital gains (even if you're not exiting to cash) and if the market crashes you can get left with a tax bill bigger than the portfolio. Happened to folks in 2017
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It's treated like property. Not an accountant, but here's a summary:
- When you sell crypto (incl. trading for another) you incur capital gains/losses
- Held less than a year? ST gains (income). Longer? LT gains (15-20%)
- cointracker.io is very helpful for tax accting
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