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Crypto tax question
| spectacular goyim prole | 12/24/17 |
| Disturbing salmon yarmulke laser beams | 12/24/17 |
| spectacular goyim prole | 12/24/17 |
| lascivious drab background story sweet tailpipe | 12/24/17 |
| spectacular goyim prole | 12/24/17 |
| Disturbing salmon yarmulke laser beams | 12/24/17 |
| lascivious drab background story sweet tailpipe | 12/24/17 |
| spectacular goyim prole | 12/24/17 |
Poast new message in this thread
Date: December 24th, 2017 3:32 PM Author: spectacular goyim prole If I have BTC purchased in February 2017 and I exchange it for ETH today, do I still qualify for LTCG in February 2018 or does the clock start again on the ETH?
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Date: December 24th, 2017 3:37 PM Author: Disturbing salmon yarmulke laser beams depends on how aggressive you want to be with your tax returns. strictly speaking the more conservative approach is that crypto to crypto exchanges are realization events and hence taxable. the more fair view imo (tho i'm biased) is that it shouldnt be taxable until you convert back to fiat. (http://www.autoadmit.com/thread.php?thread_id=3839483&forum_id=7#34999129) |
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Date: December 24th, 2017 3:44 PM Author: spectacular goyim prole I understand, but do I maintain the February 2017 date to qualify for LTCG or does that restart when the conversion is done?
If I were to sell the ETH in March 2018, would it be treated as LTCG?
Basically, I am considering balancing my portfolio before year end but might be less inclined to do that if it will reset the acquisition dates |
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Date: December 24th, 2017 4:53 PM Author: lascivious drab background story sweet tailpipe it restarts when you bought the ETH. Selling BTC for ETH is like selling BTC for USD (http://www.autoadmit.com/thread.php?thread_id=3839483&forum_id=7#34999474) |
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Date: December 24th, 2017 5:34 PM Author: spectacular goyim prole That is what the new rules will be starting 1/1/18 but the current rules consider crypto to crypto to be a like kind exchange and not taxable until sold for USD.
So I am just trying to understand what the acquisition date would be if I do an exchange before 1/1/18, if it stays the date of the first coin or resets with the exchange.
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Date: December 24th, 2017 6:14 PM Author: Disturbing salmon yarmulke laser beams there are no "rules" yet. the only thing is that starting on 1/1/18 the like-kind exchange provision will not be applicable to crypto; there's no guarantee that it ever was, i.e. the IRS never took a position or adopted guidance on it and im not aware of any private letter rulings or anything else on the topic (i looked). (http://www.autoadmit.com/thread.php?thread_id=3839483&forum_id=7#34999890) |
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Date: December 24th, 2017 6:22 PM Author: lascivious drab background story sweet tailpipe (http://www.autoadmit.com/thread.php?thread_id=3839483&forum_id=7#34999941) |
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Date: December 24th, 2017 7:09 PM Author: spectacular goyim prole Fair enough, but my question is regarding whether the acquisition date changes for purposes of LTCG when doing a conversion
Seems like no one knows for sure either here or anywhere else, I've searched quite a bit |