$0.31695 5.53%
XRP · 27w

How do taxes work when trading?

So from what I remember/understand, if you cash out your crypto, they charge you depending on how long you've held it. I think it was a minimum of a year for it to be considered long term? That's all well and good, but I'm still kind of confused on how trading taxes work. Say for example I have 1k xrp, and buy and sell over and over with usdt, until I end up with, say, 5k xrp. Do I have to pay a tax on each buy and sell? So if I sell 1k, and buy back 2k, I have to pay 40% of that profit? How does this work? Fuck uncle sam btw.
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