It seems to me since the IRS 2014/2018 guidelines did not claim crypto to crypto as a gain event in the examples or text the right thing to do is report all crypto to non crypto trades/gains and only if the irs makes new guidance file an amended return on crypto to crypto swaps. - Cryptocurrency Reporters - A Light To Cryptocurrency World

Wednesday, 4 April 2018

It seems to me since the IRS 2014/2018 guidelines did not claim crypto to crypto as a gain event in the examples or text the right thing to do is report all crypto to non crypto trades/gains and only if the irs makes new guidance file an amended return on crypto to crypto swaps.


It seems to me since the IRS 2014/2018 guidelines did not claim crypto to crypto as a gain event in the examples or text the right thing to do is report all crypto to non crypto trades/gains and only if the irs makes new guidance file an amended return on crypto to crypto swaps.(To those who no doubt will link the 2014 guidance please READthe text and examples and recognize that what i say is true and if you are imputing meaning that is not written that is not the same thing as the IRS saying it.)Edit: as was just pointed out to me the brand new IRS guidance issued mar 23, 2018 ALSO EXCLUDES CRYPTO TO CRYPTO MENTION AND EXAMPLES lending further credence thst they dont mean that to be taxable. If they did that statement would have been the perfect time to clarify that. https://ift.tt/2q4rGrn be aware that since tax preparers can be held liable for taxes later determined to be owed by clients, what is "the safest position" for them may cost you a pretty penny in unnecessary tax payments for them to avoid risk. So in the case of ambiguity their advise and self interest may not be in alignment with your own goal of paying the minimum legal taxes due.Also if you want to have any chance of claiming crypto to crypto was not meant to be taxed on future returns that would be kind of hard to do if you filed a previous return where you indicated you thought otherwiseSo anyway the wisest financial course seems to be report and pay taxes on crypto transactions the IRS specifically says are taxable in the 2014 guidance. If they later issue a correction or new guidance or congress passes a new tax law specifically covering crypto to crypto then amend any needed returns. If audited it will be hard for them to make a case for penalties when theor own guidance did not say crypto to crypto was taxable or exampled and it was in fact excluded from the numerous examples.Disclaimer: i am not an accountant or attorney and this is not legal or financial advice. This is my opinion on a very complex subject that is stumping all actual experts and for which there is no case law or much guidance from the IRS or Congress via /r/CryptoCurrency https://ift.tt/2H9O0r5 It seems to me since the IRS 2014/2018 guidelines did not claim crypto to crypto as a gain event in the examples or text the right thing to do is report all crypto to non crypto trades/gains and only if the irs makes new guidance file an amended return on crypto to crypto swaps.(To those who no doubt will link the 2014 guidance please READthe text and examples and recognize that what i say is true and if you are imputing meaning that is not written that is not the same thing as the IRS saying it.)Edit: as was just pointed out to me the brand new IRS guidance issued mar 23, 2018 ALSO EXCLUDES CRYPTO TO CRYPTO MENTION AND EXAMPLES lending further credence thst they dont mean that to be taxable. If they did that statement would have been the perfect time to clarify that. https://ift.tt/2q4rGrn be aware that since tax preparers can be held liable for taxes later determined to be owed by clients, what is "the safest position" for them may cost you a pretty penny in unnecessary tax payments for them to avoid risk. So in the case of ambiguity their advise and self interest may not be in alignment with your own goal of paying the minimum legal taxes due.Also if you want to have any chance of claiming crypto to crypto was not meant to be taxed on future returns that would be kind of hard to do if you filed a previous return where you indicated you thought otherwiseSo anyway the wisest financial course seems to be report and pay taxes on crypto transactions the IRS specifically says are taxable in the 2014 guidance. If they later issue a correction or new guidance or congress passes a new tax law specifically covering crypto to crypto then amend any needed returns. If audited it will be hard for them to make a case for penalties when theor own guidance did not say crypto to crypto was taxable or exampled and it was in fact excluded from the numerous examples.Disclaimer: i am not an accountant or attorney and this is not legal or financial advice. This is my opinion on a very complex subject that is stumping all actual experts and for which there is no case law or much guidance from the IRS or Congress

It seems to me since the IRS 2014/2018 guidelines did not claim crypto to crypto as a gain event in the examples or text the right thing to do is report all crypto to non crypto trades/gains and only if the irs makes new guidance file an amended return on crypto to crypto swaps.

(To those who no doubt will link the 2014 guidance please READthe text and examples and recognize that what i say is true and if you are imputing meaning that is not written that is not the same thing as the IRS saying it.)

Edit: as was just pointed out to me the brand new IRS guidance issued mar 23, 2018 ALSO EXCLUDES CRYPTO TO CRYPTO MENTION AND EXAMPLES lending further credence thst they dont mean that to be taxable. If they did that statement would have been the perfect time to clarify that. https://www.irs.gov/newsroom/irs-reminds-taxpayers-to-report-virtual-currency-transactions

Also be aware that since tax preparers can be held liable for taxes later determined to be owed by clients, what is "the safest position" for them may cost you a pretty penny in unnecessary tax payments for them to avoid risk. So in the case of ambiguity their advise and self interest may not be in alignment with your own goal of paying the minimum legal taxes due.

Also if you want to have any chance of claiming crypto to crypto was not meant to be taxed on future returns that would be kind of hard to do if you filed a previous return where you indicated you thought otherwise

So anyway the wisest financial course seems to be report and pay taxes on crypto transactions the IRS specifically says are taxable in the 2014 guidance. If they later issue a correction or new guidance or congress passes a new tax law specifically covering crypto to crypto then amend any needed returns. If audited it will be hard for them to make a case for penalties when theor own guidance did not say crypto to crypto was taxable or exampled and it was in fact excluded from the numerous examples.

Disclaimer: i am not an accountant or attorney and this is not legal or financial advice. This is my opinion on a very complex subject that is stumping all actual experts and for which there is no case law or much guidance from the IRS or Congress

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