Anyone have a good accountant/lawyer for tax season? Have met with 3 so far and have gotten 3 different answers on tax implications, especially with use of like-kind exchange in 2017

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There are apps to track gain and loss, they do it pretty well. Also, no idea why the difference between advisory and tax. Not even sure that makes any sense D1. Take it with a grain of salt, but if you like kind exchange this then your audit risk will go up significantly and likely penalties. I own 9 properties and have been audited for like kind exchange in real estate. Use this for crypto and you’re asking for trouble.

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Like kind exchange is a huge audit risk and is not an option in 2017 or ever

Agreed, but if someone can craft good enough of a story about the classification of cryptoassets, then couldn’t it be okay even if audited?

It will be rejected and you’ll pay penalties not to mention they will audit you for prior years, so make sure you have your stuff in order.

badcryptopodcast.com/2018/01/17/pay-cryptocurrency-taxes-73/

I think the CPA said in the podcast that you can’t use like-kind exchange because different cryptos are not considered the same kind of property. I would rather not declare crypto exchanges than use a like-kind.

Nobody can give you a clear answer at this point. I advisory will give a cautious read, tax will give you an aggressive read to avoid paying. If you are trading beyond coinbase, it will be very hard to likely track the appropriate taxes you should pay even with perfect info.

For now it is the wild west.

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