Are you guys paying tax even if you haven’t realized any gains in USD? I had several crypto-to-crypto transactions but never took any USD out of the exchange. Do I still have a tax liability?

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In 2017 there was a questionable interpretation of like property exchange plus the prior IRS memo that defined crypto as property that may have allowed someone to claim that crypto-crypto purchases were not taxable events.

In 2018 that interpretation was made clear that it is taxable.

So, in short, yes it’s taxable unless you want to gamble on that 2017 loophole. I paid taxes when I filed this year.

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I couldn't keep track. Last year was my first year and I tried to figure out what all exactly I did, but it's just a mess. I'll do better going forward but I'm just calling it a lost cause for last year.

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🔮yes you have a tax liability. crypto to crypto is grey for 2017, but if you dont fill out a 1031 for every crypto to crypto trade you do (which you wont) you have to pay taxes on gains. Surely this wouldn’t be an issue long term, but if you believe in the tech and in large returns on investment, you probably will become a target. there are no statues of limitations when it comes to tax fraud. also you need a cost basis going forward. it only gets more complicated from here 🔮

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Your cpa will not be liable for anything :)

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Paid on crypto2crypto for last year

Given the government itself changed its mind, what’s the implication of taking a non- conservative approach?

Coinbase (and GDAX) have released details of al customers who have put in over $20k into the markets right? You’ll have to pay some tax on a best efforts basis to avoid a crack-down l Having said that, I never took any money off the exchange and am at a loss now, so it’s a bit unfair to be taxed on what were actually “unrealized gains”!

My CPA classified all my crypto to crypto trades as like kind commodity transactions with no tax burden. I'm not convinced that's accurate, but it's on him. My advice is to file all your crypto trades. The hassle of getting audited will far outweigh the inconvenience right now.

Well they don’t consider them unrealized gain is the point I guess. Implications wise you can just ignore it, hope you don’t get audited and then if you do see if you can make the case that tax law wasn’t clear about like property exchange in 2017 and see where you go from there. I wouldn’t do it personally but that’s your risk to assess. I’m no tax expert, maybe run it by your accountant.

Yes

Stop buying online... localbitcoins is your friend

Just pay

Coinbase or any other website/exchange will eventually share all our data with IRS by SSN & it will be a hassle to resolve taxation issues later

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