Example: Sam bought 1 LTC for $10 and bought a hardware wallet for 1 LTC when the price was worth $100. By disposing of the 1 LTC, she experienced a capital gain of $90 (calculated as the sales price of $100 less the cost basis of $10).
โIf you exchange virtual currency held as a capital asset for other property, including for goods or for another virtual currency, you will recognize a capital gain or loss.โ