This post was very helpful! I was just wondering about this because I started to convert and sell to usd on coinbase..good info!
RE: US Tax Considerations – Crypto to Crypto Trades: Trading Bitcoin and Altcoins
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US Tax Considerations – Crypto to Crypto Trades: Trading Bitcoin and Altcoins
@correctdrop thanks for taking time to read and comment.
I would advise since you trade on Coinbase to get your records in order because they have been hit with a John Doe subpoena from the IRS. As I understand it, the IRS has either agreed to or has been ordered by the court to limit the scope of the demand from Coinbase. It's increasingly appearing that Coinbase will be compelled in some fashion to produce some records to the IRS.
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The've backed off slightly, only requesting info on those Coinbase customers who have moved US$20k through their account.
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Indeed!
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