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I traded cryptos in the month of December 2017. I bought and…

I traded cryptos in the...
I traded cryptos in the month of December 2017. I bought and sold Crypto-USD and also Crypto-Crypto. Now i am aware of the new Tax law thats been introduced but not sure how it impacts cryptos trading in 2017. I read online some places saying for 2017 only the USD-Crypto trades are taxed but not the Crypto-Crypto trades because of a loophole that existed in the law but for 2018 even the crypto-crypto trades are taxable. I would like to get a clarification from a professional. Please advice.
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Answered in 3 minutes by:
1/18/2018
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 495
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and can help you with this.

Yes, the new tax law did effect cryptos in 2018, but not 2017. In 2018, they changed the like kind exchange rules to only allow you to defer gains on like kind exchanges on real property, i.e. land and buildings. Before, you could do a like kind exchange on anything that was similar, i.e. horse for horse, car for car, etc.

You are absolutely correct in your analysis.

Let me know if you need anything else. If not, please leave a rating. Thanks!

Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 495
Experience: Adjunct Professor
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Customer reply replied 1 month ago
Carter another follow up question , the author of this forbes article who is also a CPA claims that coin to coin is greg area and file an extension and wait fir irs to clarify. Why is this ambiguity among tax professionals ? Could you please advice??
Customer reply replied 1 month ago
Sorry forgot to paste the link for the article i was referring to in the previous reply . Here it is https://www.google.com/amp/s/www.forbes.com/sites/greatspeculations/2018/01/09/cryptocurrency-traders-owe-massive-taxes-on-fat-gains-in-2017/amp/

Yea, its a disagreement in the CPA community right now since there is no flat line IRS rule. Some people believe it will fall under 1031 while some people do not believe it will.

The main reason people think it will fall under IRC 1031 was because back in 2014, the IRS announced that BitCoin would be property, not currency. I think the article fails at that part when it compares BitCoin to Foreign Exchanges, whereas foreign exchanges are clearly currency not considered property.

The one area where he may have a strong argument is the qualified intermediary. There is no clear ruling on that.

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