Cryptocurrency and Virtual Currency Accounting
Real Estate and Construction Accounting
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.
© Saim Akif, 2021