CRYPTOCURRENCY INVESTORS LOSE MAJOR TAX BREAK UNDER NEW U.S. TAX CODE
The new U.S. tax code amends IRC Section 1031 (a)(1) regarding “like kind exchanges,” excluding all cryptocurrencies from a previous legal loophole and making all cryptocurrency trades a taxable event.
On Friday morning, U.S. President Donald Trump signed a new tax bill into law, signalling the first major tax overhaul in the U.S. in over 30 years. And while you may or may not have high praise for the bill, one thing is certain: the new tax code is bad news for cryptocurrency investors. Starting Jan. 1st, 2018, all cryptocurrency trades will be a taxable event, including swapping one cryptocurrency for another.
Full article: http://bitcoinist.com/cryptocurrency-investors-lose-tax-break/
What do you guys think about it?
Comment below.
Crypto Has ALWAYS managed to stay outside of the GOV reach. I figure even if this bill does stick wouldn’t that ultimately make all coins worth more in the long run.
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Swapping one crypto currency for another and having to report a taxable event is a major issue for this industry, hopefully it will get phased out, we all understand when one wants to cash out into fiat, but crypto to crypto swaps are debatable.