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What does it mean to sell? People have already generated lots of taxable event when they started diversifying into other coins for example.

It is my understanding that trading one for another, (BTC to ETH, for example), is a taxable event thus has to be reported.

Yes, exactly the way i am thinking (and probably IRS will think).

This is the way it happens for stocks and pretty much everything.

Yup. That is a huge question.