mia_harrison_painter
Sun Jun 09 2024
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7 answers
1542
Do you pay taxes on USDT?｜Buying stablecoins with fiat (USD) is NOT a taxable event. Example: . Selling stablecoins into fiat or trading stablecoins for a cryptocurrency are taxable transactions (capital gain or loss) and would appear on your IRS Form 8949.USD to USDT is not taxable
Do I need to pay taxes on USDT? I'm a bit confused about the tax implications of cryptocurrency transactions. Could you clarify for me? If I use fiat currency like USD to purchase stablecoins like USDT, does that constitute a taxable event? Or does it only become taxable when I sell the USDT back into fiat or trade it for another cryptocurrency? Would such transactions be reported on my IRS Form 8949? I'm trying to understand the rules and regulations surrounding this, so any help you can provide would be greatly appreciated.
