US Tax Code 1031

and that relates to bitcoin how?

it has never been adjudicated. so therefore the default is it does not apply to cryptos. period.

>CRYTO ISN'T REAL, YOU GUYS
>IT'S JUST A BUNCH OF ONE'S AND ZERO'S ON A COMPUTER
>uh, actually, forget what we just said it's a thing now so pay us

No one knows, not even the tax attorney who “specializes in bitcoin” who I payed for a consultation. He just covered his ass and said you have to report each trade as if you cashed out but “you’re a small fish” *wink wink

It’s law, so you need to lookup cases of CCH Intelliconnect (tax database). When I was studying for my CPA, my lectures involved personal, corporation and s corp taxes. Forex gains are considered an exception in past cases with IRS. Crytpo will fall under this as well. Like another user said above, if it’s worthwhile to the IRS, they will come for their cut.

This, literally no one has any idea

It would be extremely hard to enforce, if not impossible

not a chance in hell
the irs is gonna buttfuck everyone so hard with penalties and back taxes
i'm gonna laugh

lol i no rite. fuck the government

they want us to pay fucking tax on crypto so they can fund their sexual harassment slush fund in congress. kiss my ass.

The IRS refuses to clarify but that does not mean they will not create retroactive laws and hunt you down in ten years for your 20k profit that has compounded over 10% interest for 10 years .....

Don’t listen to this OP. People like him put in a $100,000 pool with a doctor’s note and try to deduct the expenses and capatlize the value on the property. The IRS will audit you and assess you could have put in a $20,000 for the ailment and disallow the $100,000. It’s law and you need to lookup cases to understand how the courts come to conclusions. It’s how they interpret the law, not you.

This user..this. It may not be spelled out but if they want it..they will come.

oh no my 0% capital gains tax is going to go up by 100%

>Goy, we need mor money to give to Israel
>give us 40% of all that pretend money you made 8 years ago, only make it real money
>Hurry up!

Has anyone ever successfully sued the IRS on 1031 related disputes?

>He doesn’t realize you pay real money for taxes on property exchanges

So many don't comprehend the difference between disagreeing with the principle of taxation, and paying your damn taxes. Nobody likes it. Call us cucks all you want. Roll the dice. But understand that the IRS will come after your boypucci with a cock bigger than anything you've seen on Blacked.com. They do not fuck around, and you don't win the battle or the war against them. So like it or not, your best risk management strategy is to just pay your taxes.

If you think the IRS isn't foaming at the mouth for 2017 taxes you're nuts. It was an insane year for crypto. They've taken note. And they're spawn camping your fucking exchanges just waiting for you to fuck up. It's going to be bloody, and many user's will learn about the long dick of the IRS the hard way next year.

Pay. Your. Fucking. Taxes.

They'll be after low hanging fruit. Don't make yourself a target. Help lend legitimacy to crypto and maybe one day BTC will be $1,000,000.00

Thank fucking god I don't have my identifying information on Bittrex and just on Coinbase. As far as they know right now I've only bought BTC and ETH and held them in wallets

Surely they wouldn't be after small fish.

And how would they prove that you still have any of it?

This guy gets it.

Are stake rewards (from regular PoS/masternodes) considered regular income or capital gains?

Have fun filling out a two page like-kind exchange form for each and every shitcoin trade you did, and awaiting your inevitable audit. Just pay your fucking taxes

lol pussy

I will NEVER report ANY of my crypto gainz to uncle sam.

>tfw

Best of luck dudes. Really. You've got more balls than me.

There's nothing the government takes more seriously than their money. The IRS is like the mafia on steroids. They'll come after you 7 years later for all the money you didn't pay plus penalties and interest compounded daily. And they don't give a single fuck. You ever see Goodfellas? Fuck you, pay me. That's the IRS. They'll take you for everything you have plus half of everything you're ever gonna have. They'll eat the cake and come back for the crumbs.

Paying your taxes is cheap insurance.

spotted the idiot who gets their paycheck from the government. no, the irs will not come busting down your door with guns and demand you give them money. they are dumb as fuck and cant even keep up with the millions of fraudulent tax refunds they send out every year to nignogs.

I wish you all the best user. Seriously. But I would caution you to square up at least next year. It's going to be a bloodbath.

they're incompetent as shit and only survive by hunting big fish

What about forex gains?

What if I'm going to pay my taxes, but only when I cash out as long-term capital gains?

They'll still get their cut.

I'm also curious about this.

Then you pay at long term rate. You're good. Don't over complicate it.