Quote from: sp_skeptic on January 02, 2018, 05:11:38 AM

n911 points out that the new tax law specifically disallows crypto-crypto transactions from like-kind treatment starting in 2018. This is actually good news for me, because it suggests that the IRS won't fight it for prior years and I wasn't planning to claim like-kind in 2017. So now I will claim like-kind for the 2017 tax year which will save me a lot.

Note if you do this you still have to file IRS form 8824.

Most crypto traders ignore the issues entirely. This will cost many a lot of money, time, and trouble. The IRS will catch up with those who don't declare their gains - there is a lot of potential revenue in there for them.

Yes, after skimming the new tax bill. The definition of Like Kind Exchange was changed from Property (which crypto would count as) to Real Property (which crypto would not count as).

Either way, for 2017, I am going to place all my crypto transaction on 8824 and claim as like kind exchange.

Moving forward, I am looking to explore option to have a good tracker created or find one that will help with tax filing. I found these two applications that may have ability to do this for 2018. Any one have experience with them (Bitcoin.Tax and Cointracking.Info). Not sure if they are hoax sites, but will try to find more information about these.

Given the crypto will be taxed at normal income tax for short term transactions (especially ICO participation), I will have to consult with an knowledgeable accountant for guidance forward to reduce tax rate. Else large gains in crypto world means lots and lots of taxes.

I am going to start Telegram Channel to talk about taxes if we can get others views there.