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Mini data sheet on tax implications for cryptocurrency trading in the United States
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<blockquote data-quote="Lampwick" data-source="post: 1108124" data-attributes="member: 13437"><p>Crypto-to-crypto trades have effectively always been taxable events. As Plus Oultre pointed out, it is highly unlikely that crypto-to-crypto trades would ever qualify for 1031 treatment. It's wishful thinking. If someone made serious money in crypto and tries this, he is basically sending an invitation to the IRS to come fuck him up. The IRS will wait multiple years to retroactively audit tax returns, so as to maximize penalties and interest.</p><p></p><p></p><p></p><p>I have found cointracking.info useful as a tool to aggregate and normalize trades from multiple exchanges. But their methodology for calculating realized gains and taxes on crypto-to-crypto trades is flawed. Bitcoin.tax appears to do the calculations correctly. I can explain further if desired, but I don't want to derail the thread.</p></blockquote><p></p>
[QUOTE="Lampwick, post: 1108124, member: 13437"] Crypto-to-crypto trades have effectively always been taxable events. As Plus Oultre pointed out, it is highly unlikely that crypto-to-crypto trades would ever qualify for 1031 treatment. It's wishful thinking. If someone made serious money in crypto and tries this, he is basically sending an invitation to the IRS to come fuck him up. The IRS will wait multiple years to retroactively audit tax returns, so as to maximize penalties and interest. I have found cointracking.info useful as a tool to aggregate and normalize trades from multiple exchanges. But their methodology for calculating realized gains and taxes on crypto-to-crypto trades is flawed. Bitcoin.tax appears to do the calculations correctly. I can explain further if desired, but I don't want to derail the thread. [/QUOTE]
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