IMPORTANT: Part 1031 has been modified by the brand new Trump tax plan. Because of a change in wording, Part 1031 solely applies to ‘actual property,’ clearly disqualifying cryptocurrency. All references to Part 1031 and/or like-kind trade needs to be ignored. Tether CANNOT be used as a tax defend, transactions into and out of Tether are taxable, as are all crypto-to-crypto transactions!
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In case you have any of those questions, watch this video as a result of we reply all of them and extra! The regulatory setting is complicated by its very nature, however we break it down and make it straightforward to know. On this video I pull immediately from IRS steering to tell you of the way it views cryptocurrency.
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Important IRS Doc: https://www.irs.gov/pub/irs-drop/n-14-21.pdf
$600 Invoice Proposal: https://coincenter.org/pdf/CTFA.pdf
bitcoin.tax useful resource: https://bitcoin.tax/
E-commerce Taxation: http://www.investopedia.com/college/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/definitive-bitcoin-tax-guide-chapter-2-bitcoin-commerce-taxable-events-ecommerce-taxation.asp
Donation taxation: http://www.investopedia.com/college/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/definitive-bitcoin-tax-guide-chapter-2-bitcoin-commerce-taxable-events-b-donations.asp
Reward taxation: http://www.investopedia.com/college/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/definitive-bitcoin-tax-guide-chapter-2-bitcoin-commerce-taxable-events-c-gifts-and-tips.asp
Taxing Misplaced/stolen cash: http://www.investopedia.com/college/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/definitive-bitcoin-tax-guide-chapter-3-lost-or-stolen-bitcoins.asp
Tax fraud: http://www.successtaxrelief.com/weblog/irs/when-does-the-irs-file-criminal-charges/
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