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RE: US Tax Considerations – Crypto to Crypto Trades: Trading Bitcoin and Altcoins

in #tax7 years ago

Thanks for writing lpfaust (I love the name). Just to update everyone, the new tax law makes it clear that crypto for crypt trade is NOT like for like trade. making trades on a crypto currency exchange is taxable. See the article for details: https://www.forbes.com/sites/robertwood/2017/11/27/tax-bills-doom-tax-free-1031-exchanges-of-cryptocurrency/#4ad2081af58f

I hope this helps.

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This doesn't take affect until you have to file your 2018 taxes next year.