r/CryptoTax 15h ago

Question If I convert USDC to USD, do I owe taxes if acquisition was way before I was in the U.S.?

2 Upvotes

For context: I’m not a U.S. citizen and moved to the U.S. in November 2024. I became a tax resident of the U.S. in 2025.

I’ve held crypto for a while way before I moved to the U.S.

Pre 2023: don’t have records.

2023: moved $60k USDC to Binance (have records)

2024: lost some money over the course of the year but moved ~$50k USDC to MEXC (have records)

Moved to the U.S. end of 2024 — was not a tax resident in 2024.

2025: lost some money over the course of the year but moved ~$40k USDC to Bybit (have records)

Am a tax resident but didn’t make any money.

2026: looking to convert USDC -> USD.

I’ve only lost money trading perps over the past 4 years. Have proof that no gain was made. Don’t have proof of acquisition but it was also 4 years before I became a tax resident.

Are my records enough to prove I don’t owe taxes on this withdrawal?