What is someone were to trade one cryptocurrency for another?
For example, if I bought Litecoins with Bitcoins, and later sold for a gain in Bitcoins, how would I be taxed? From the article it seems I would only be taxed until I ultimately realized my gains in USD. Would I have to maintain a record of all my "altcoin" transactions in this case?
For example, if I bought Litecoins with Bitcoins, and later sold for a gain in Bitcoins, how would I be taxed? From the article it seems I would only be taxed until I ultimately realized my gains in USD. Would I have to maintain a record of all my "altcoin" transactions in this case?