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
Swiss Startup Amun Wins Regulatory Approval to Sell Crypto-ETPs to EU Retailers
Swiss financial startup Amun has won an approval from the Swedish Financial Supervisory Authority to widen its offering of crypto-based financial products to retail investors in the European Union.
Nayuta Claims Its Android Lightning Wallet Is the First to Build in a Bitcoin Full Node
Japan-based startup Nayuta has released what it says is the first lightning network wallet with a built-in bitcoin "Full node."
Bitmain Shifts Miner Sales Tactics, Betting Big on Bitcoin Halving Pump
Bitcoin mining colossus Bitmain has rejiggered its sales strategy to reverse a decline in market share following the return of co-founder Jihan Wu to the company's helm.
The Marshall Islands' National Crypto Was Inspired by Work of Block.One
It has been almost a year since the Republic of the Marshall Islands unveiled the development of its national digital currency dubbed Sovereign.