US Tax Question for Cashing out Savings
I’ve been saving USDTon Binance for the last couple of years (Instead of depositing it in the bank, because the banking system back in my country was corrupt).
I recently moved to the US, but Binance isn’t supported here (Binance.US is). If I transfer my savings to coinbase or Binance.US to cashout in the US, do i need to pay taxes over that?
I read that if the value of the acquired assets increases, I have to pay taxes but I wasn’t actually “investing”, just saving up.
submitted by /u/Giohb777
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