Saim Akif

CPA, CFA, CAMS, Realtor

Cryptocurrency and Virtual Currency Accounting
Real Estate and Construction Accounting

Saim Akif, CPA, CFA, CAMS, Realtor

I converted Eth to Wrapped Eth (WETH), is that a taxable event?

Hey Saim, I converted ETH to another version called WETH. I’m confused if it’s a taxable event or not?

Yes, per IRS rules, if you convert one virtual currency for another, it’s a taxable event. Eth and Weth are not the same Tokens. Even though the exchange is 1:1 in most cases.

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