Is swapping one cryptocurrency for another a taxable event for my foreign-owned LLC?
I traded ETH for BTC on Uniswap through my LLC. No USD was involved at all — it was purely a crypto-to-crypto swap. A friend told me this isn't taxable because I didn't convert to fiat, but I've also seen articles saying every crypto-to-crypto trade is a taxable event.
What's the actual IRS rule? And if it IS taxable, how do I calculate the gain when no dollars were involved? What about swapping between different stablecoins (like USDC to USDT)?
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