Know your laws!
The IRS does not mess around!
IRS is after crypto users
7 years ago by blockchainnation (62)
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Bitcoin will ban IRS...and China lol
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Gold
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shut down irs
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very helpful topic
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Very helpful
This is going to crazy they'll have to revise this or something or at least I hope they do
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Are you all that surprised?
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How are they taxing you? In cryptos?
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You follow nice post thanks.. and vote :)
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Thank you for the video. The IRS indeed does not mess around. Some exchanges provide basis information although we really need 1099's. Coinbase uses FIFO basis tracking, a method designed for securities, but it might be one of the only practical ways of tracking.
For clarity's sake, prior to tax reform, taking a position that like-kind exchange rules under 1031 applied to crypto-for-crypto swaps was not a slam dunk position. Like-kind exchange rules are tedious and require a consistent underlying nature of the investment for the exchanged properties. In some cases, the IRS would not allow gold for gold coin swaps to be like-kind exchanges even though the swapped coin is made up of the same metal. Further, like-kind exchanges have to be reported to the IRS so a tracking is still necessary.
If you really enjoy the tax topic, you might find this an interesting read (not a shill, this is a months-old article): https://steemit.com/money/@cryptotax/cryptocurrency-like-kind-exchanges-what-can-we-learn-from-gold
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