Fill out the form and one of our experienced CPAs will get back to you shortly.
When it comes to transferring cryptocurrency, many people wonder whether it triggers a tax event. The short answer is no—transferring crypto from one wallet to another generally does not result in taxes. However, it’s important to understand the difference between transferring and selling or exchanging crypto, as the latter can have tax implications.
12+
Years Serving NYC
50
States Covered
5★
Rated on Yelp
150,000+
Returns Filed
Open
Evenings & Weekends
Section 01
A crypto transfer happens when you move your cryptocurrency from one wallet to another. For example, transferring crypto from an exchange wallet to your personal wallet, or sending it to someone else’s wallet. This is simply a movement of assets and is not considered a taxable event by the IRS.
Section 02
Although transferring crypto does not trigger taxes, certain transactions involving crypto do. Here are the situations when you may owe taxes:
Section 03
The amount of crypto you transfer does not affect whether you owe taxes. Whether you transfer $10 worth of crypto or $10,000, as long as you’re only transferring and not selling, exchanging, or spending it, there are no taxes owed.
Section 04
If you do have taxable transactions (like selling or trading crypto), the IRS requires you to report them on your tax return. You will need to calculate any capital gains or losses from these sales or exchanges and report them on Form 8949 and Schedule D.
Section 05
Transferring crypto is not taxable—as long as you’re simply moving your assets between wallets. However, selling, trading, or using your crypto for purchases can trigger tax obligations. If you’re unsure about your specific situation, consulting with a tax professional is always a good idea to stay compliant.
No cost to start
Fifteen minutes with a CPA who handles this every week. We will walk you through your options — no sales pitch, no obligation.
“George has prepared and maintained the corporate accounting and provided consultant services for my company for a number of years. He has always done an outstanding, professional and courteous job. I feel that his rates are very fair and he provides a great value for the cost.”
“Excellent service and very professional. George and his team have been handling my business taxes for years and I couldn't be happier with the results. They are always available to answer questions and provide expert advice.”
“I've been working with Dimov CPA for both personal and business taxes. Their attention to detail and knowledge of tax law has saved me thousands. Highly recommend to anyone looking for a reliable CPA in NYC.”
Keep reading
Filing and paying are two separate tests on two different numbers. You can be required to file the UBT and owe nothing at all. What each test measures.
The New York LLC filing fee is charged on gross income from last year, not on profit. A loss making LLC still pays it. What Form IT-204-LL asks for.
New York City businesses face several taxes, and which reach you depends on how you are organized, where you rent, and what you sell. Sorted in one table.
Ready when you are
A CPA will review your situation and give you a straight answer. No commitment, no jargon.
