You might think the biggest tax debate about Bitcoin and other cryptocurrencies is about whether you should or shouldn't report it.
The biggest cryptocurrency tax debate still seems to be about 1031, the tax code provision providing for like-kind exchanges.
The Trump tax law passed right around Dec. 2017 made it clear that that swaps of one cryptocurrencies for another are not tax free in 2018.
It is surprising how much debate there is about whether this argument can work for 2017 and prior tax years.
If you are about to file your 2017 tax return, should you claim tax-free treatment for past cryptocurrency transactions? If you are cleaning up your past tax reporting before the IRS finds you, you might have the same issue for 2016 too.
Under the tax code, most swaps are actually taxable, just like a sale for cash.
Despite a profit on each swap, they avoid tax until they sell for cash years later, paying only one tax, ideally as a long-term capital gain.
The majority of exchanges are not simultaneous, but are delayed or "Starker" exchanges - Starker was the name of the man whose tax case made these delayed exchanges famous.
One of the biggest remaining issues is about the mechanics of tax reporting.
He is the author of numerous tax books and frequently writes about taxes for Forbes.com, Tax Notes, and other publications.
Biggest Crypto Tax Debate Is Not What You Think: Expert Take
gepubliceerd op Apr 22, 2018
by Cointele | gepubliceerd op Coinage
Cardano is closing in on Bitcoin SV's status as the sixth-largest crypto
At the peak of the crypto bubble, Cardano was the fifth-largest cryptocurrency, believe it or not.
Brazil's Top Exchange Mercado Bitcoin Lists Sport Token Chiliz
Mercado Bitcoin, the largest crypto trading platform in Brazil, will soon roll out Chiliz trading against the local currency, Brazilian real.
Bitcoin Hash Ribbon Signal Confirms 'Great Bull Run,' Says Analyst
The last time the Hash Ribbon indicator emerged was on April 25, when the price of Bitcoin hit $7,500.
Dogecoin Is 'Not a Joke,' Says OKEx CEO Jay Hao
Hao pointed out that DOGE enjoys healthy development, longevity and features that cannot be found in many old-time cryptos.