In BobTheTaxMan 

Question:   “If I exchange IQD in the first quarter will I owe taxes on the exchange in the second quarter?”  The taxes are due in the quarter you have the gain.  For example: If you the exchange happened in February you have to pay the taxes due, both the federal and the state, by March 31st [NOTE:  Consult your tax professional at the appropriate time for assistance in paying the right amount of tax for your situation.]

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