Crypto taxBeginner
Moving coins to your own wallet
Moving coins between your own exchange accounts and wallets is generally not a sale, and the coins keep the purchase date and price of when you first bought them.
- What it means
- The exchange or wallet that receives the coins often only sees a deposit with no purchase price, so a later sale there can look as if the coins cost nothing.
- What to watch
- Which transfers went between your own accounts, the network fee paid in coins on each move, how your country's rules treat that fee, and records of the dates, amounts and transaction IDs that link each deposit to its purchase.
- How Compass-Alpha uses it
- The tax overview matches a transfer out with the later deposit of the same coin so the coins keep their purchase date and cost, and its report check lists the deposits it cannot match.
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