Usually, the following events are considered taxable:
- Selling cryptocurrency for fiat currency
- Trading cryptocurrencies for other cryptocurrencies
- Buying a good or service with cryptocurrency
- Cryptocurrency received from mining
The following events are generally non taxable:
- Buying cryptocurrency with fiat currency (except when the cryptocurrency is bought for less than the fair market value)
- Donating cryptocurrency to a tax-exempt organization
- Gifting cryptocurrency
- Transferring cryptocurrency between wallets that you own
Note: Lumina is intended to serve as an informational and assistive tool only. Lumina is not intended to substitute for professional tax, accounting, audit, or legal advice. Information provided on Lumina is subject to change without notice. Lumina is not responsible for the accuracy of your tax, audit, or legal compliance. Please consult a licensed professional for financial, tax, and legal advice.
