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Mini data sheet on tax implications for cryptocurrency trading in the United States
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<blockquote data-quote="Plus Oultre" data-source="post: 1108120" data-attributes="member: 11351"><p>I wasn't talking out of my ass .... I explained my rationale of why my opinion was such that different cryptos will not be treated as like-kind by the IRS, and I offered you two real life examples of the IRS disqualifying similar properties for the purpose of 1031 exchanges (metals and livestock.) That is what you do when there is no guideline.</p><p></p><p>Your position is not frivolous, that's good, but when you scratch the surface truly it doesn't have much chance to be sustained. We know the IRS classifies cryptos as property, but that doesn't immediately qualify them for like kind exchange. Two different cryptos are not the same, and you will have a very hard time showing they are. </p><p></p><p>I inserted myself in the conversation because I think this technique if taken to action will get people in trouble with the IRS. So my recommendation was -and still is- not to do it. My line of work puts me in close contact with the IRS daily, so my opinion has weight ... but you had no way of knowing it. So, no. I offer no evidence; however, that doesn't mean that I will not try to get you to stay out of trouble with a strategy that neither has shown evidence of working. </p><p></p><p>I shine light to the high risk of your strategy. The IRS is the one agency you don't want to mess with because it has the real potential of screwing your life up. However,<strong> if you go ahead and try your strategy make sure it is all well documented and follow all the rules of Section 1031,</strong> and I wish you good luck. </p><p></p><p>In the meantime, here is some reading. It is a very recent article, so it looks like this is a hot subject. I thank you for bringing this up, this subject picked my interest and I started researching it. If I do find a way to make it work, you will be the first one to know via this thread.</p><p></p><p>I insert the article so no need to leave the forum to read it. I hope it brings some extra light to the subject.</p><p></p><p></p><p><a href="https://www.forbes.com/sites/greatspeculations/2017/08/15/cryptocurrency-traders-risk-irs-trouble-with-like-kind-exchanges/#42dd16e826a8" target="_blank">https://www.forbes.com/sites/greatspeculations/2017/08/15/cryptocurrency-traders-risk-irs-trouble-with-like-kind-exchanges/#42dd16e826a8</a></p></blockquote><p></p>
[QUOTE="Plus Oultre, post: 1108120, member: 11351"] I wasn't talking out of my ass .... I explained my rationale of why my opinion was such that different cryptos will not be treated as like-kind by the IRS, and I offered you two real life examples of the IRS disqualifying similar properties for the purpose of 1031 exchanges (metals and livestock.) That is what you do when there is no guideline. Your position is not frivolous, that's good, but when you scratch the surface truly it doesn't have much chance to be sustained. We know the IRS classifies cryptos as property, but that doesn't immediately qualify them for like kind exchange. Two different cryptos are not the same, and you will have a very hard time showing they are. I inserted myself in the conversation because I think this technique if taken to action will get people in trouble with the IRS. So my recommendation was -and still is- not to do it. My line of work puts me in close contact with the IRS daily, so my opinion has weight ... but you had no way of knowing it. So, no. I offer no evidence; however, that doesn't mean that I will not try to get you to stay out of trouble with a strategy that neither has shown evidence of working. I shine light to the high risk of your strategy. The IRS is the one agency you don't want to mess with because it has the real potential of screwing your life up. However,[b] if you go ahead and try your strategy make sure it is all well documented and follow all the rules of Section 1031,[/b] and I wish you good luck. In the meantime, here is some reading. It is a very recent article, so it looks like this is a hot subject. I thank you for bringing this up, this subject picked my interest and I started researching it. If I do find a way to make it work, you will be the first one to know via this thread. I insert the article so no need to leave the forum to read it. I hope it brings some extra light to the subject. [url]https://www.forbes.com/sites/greatspeculations/2017/08/15/cryptocurrency-traders-risk-irs-trouble-with-like-kind-exchanges/#42dd16e826a8[/url] [/QUOTE]
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