Crypto is not like kind

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Receipt Of Other Property The nature of online exchange of cryptocurrency is that they match set forth in subsection f for the working of basic as described in 1.

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Cryptocurrency Will Never Be Real Money
Crypto like-kind exchanges enable investors to defer capital gains taxes on crypto-to-crypto transactions. While the Tax Cuts and Jobs Act restricted like-. The IRS also concluded that bitcoin and ether were not like-kind property because of their differences in overall design, intended use, and. Bitcoin has been classified as an asset similar to property by the IRS and is taxed as such. U.S. taxpayers must report Bitcoin transactions for tax purposes.

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Airdrops, on the other hand, qualify as gross income after the holder receives units of a new cryptocurrency either after a hard fork or by marketers of a coin. Recent crypto taxation laws The crypto tax framework has remained largely unchanged since its introduction in Based on the IRS's conclusions in CCA , taxpayers who held bitcoin at the time of the bitcoin hard fork may want to reassess their tax positions if they have not already done so. The basis of the donation is often the fair market value of the digital currency at the time of the transaction. Accounting and Tax Expand child menu Expand.