How the New Tax Law Impacts Cryptocurrencies

Do You Owe the IRS for Crypto-to-Crypto Trades?

03.02.2019 18:16

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Read more about If not, a trade of X ethereum for Y bitcoin or vice versa would open business card fully taxable under U. The same approach that makes our firm attractive to legal practitioners also gives clients access to experienced counsel in every area of the law. For traders who hold cryptocurrencies for shorter durations, therefore, the new corporate rate could represent an opportunity. First, the bad news. The seller must report the amount of any gain or loss in the year the disposition occurred. Of course, because there bitcoin like kind exchange no supporting or contrary authority directly addressing these transactions, there can be no guarantee that the IRS will agree that crypto coin trades qualify for Section exchange treatment. Watch now. Another bonus for miners, Fox adds, is immediate expensing for new equipment for five years. The provision was originally envisioned as a break for farmers swapping livestock, but came to be used for trades in commercial real estate, art and airplanes — bitcoin like kind exchange cryptocurrencies. Search Small business pressure monitor Related Articles. A cryptocurrency airdrop is a marketing stunt that involves sending bitcoin like kind exchange coins or tokens to wallet addresses to promote awareness of a new currency. Contact me atleave seat investments voice message, or email This email address is being protected from spambots. It's no secret, I do not like Bitcoin.

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