The IRS designates cryptocurrencies and other similar virtual assets as property and as such are subject to capital gains tax when certain taxable events occur. ... You send your BTC to a crypto exchange (Not Taxable) You convert BTC into 0.5 ETH (Taxable)

Is converting cryptocurrency taxable?

There's even a question now on Form 1040 tax returns. The big tax law that passed in December 2017 made it clear that that swaps of one crypto for another are not tax free starting in 2018.

Is converting crypto on Coinbase a taxable event?

You are taxed only on selling or converting crypto. In other words, Buys and Receives are not taxable events, so you don't need these rows in your report.