Exports from the exchange help. So do contemporaneous notes when you trade across wallets the platform does not fully describe. April is a poor time to reconstruct a year’s worth of mid-trade dollar prices from memory.

Practical tip

Treat every crypto-to-crypto trade like a mini closing: what did I give up, what did I get, what was it worth in dollars, and what is my new basis? If you only track “still in crypto,” you may understate how many recognition events already happened before you ever sold for cash.

This article is general information about common U.S. federal tax themes related to trading Bitcoin for other cryptocurrencies. It is not tax, legal, or accounting advice for your situation. Facts vary, rules can depend on your facts and circumstances, and you should consult a qualified tax professional before filing or making decisions.