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Why shouldn't that be a sale?
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@FairValue No realized profit. If the Bitcoin continues to fall and I swap back, then I want the cost basis to be taken along. Let's say I bought Bitcoin with a cost basis of 50,000, it has risen to 90,000 and I swap to USDC. If Bitcoin then falls to 70,000 and I swap back, the cost basis is of course lower than 70,000. But maybe I'm thinking wrong.
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@MrVice Yes, that is a mistake. An exchange into a stablecoin is more or less the same as an exchange into euros, dollars, etc., i.e. a sale with possible realization of a profit (according to individual valuation or FIFO principle)
If you buy BTC for 50k, it rises to 90k and you exchange into USDC, you realize a profit of 40k at that moment.
If you buy BTC for 50k, it rises to 90k and you exchange into USDC, you realize a profit of 40k at that moment.
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@FairValue In Austria, USDC is treated like any other cryptocurrency, there are no taxes unless you sell it for euros or buy goods / services from it.
https://cointracking.info/de/krypto-steuer-at/#:~:text=Stablecoins%2C%20wie%20USDT%20oder%20USDC,besteuert%2C%20w%C3%A4hrend%20Swaps%20steuerfrei%20sind.
https://cointracking.info/de/krypto-steuer-at/#:~:text=Stablecoins%2C%20wie%20USDT%20oder%20USDC,besteuert%2C%20w%C3%A4hrend%20Swaps%20steuerfrei%20sind.
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@PowerWordChill That's the crux of the matter. I should have mentioned that I am Austrian.
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@PowerWordChill Ah pardon, I didn't see that it was about Austria.
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@PowerWordChill How would you handle this? My idea would be to have only one transaction per coin and to change the respective cost basis if necessary. I determine the cost basis with Blockpit.
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@MrVice Unfortunately, I can't help you with that.
I have not dealt with this issue as I hold tax-free old stock. 😅
I have not dealt with this issue as I hold tax-free old stock. 😅
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