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RE: Tax Issues facing US-based Cryptocurrency Holders and Miners: Part 1 Capital Gains/Losses for Crypto
I'm new to cryptos and have been wondering how to handle taxes. I was thinking that i would track gains and loses only during transactions into and out of dollars. Based on your post i guess you would tell me that is an insufficient approach or do you think that would equate yo a good faith approach?
Some people are trying the approach you described, generally by arguing that trading between cryptos is a "like-kind" exchange: https://www.realwealthnetwork.com/learn/how-to-do-a-1031-exchange-rules-definitions/
But my suspicion is that the IRS will not ultimately view it that way, because it defers the time period before they can collect taxes. I'm sure there will be a lot of court cases about it and I can't say how it will ultimately resolve.
Time (local) 2017‑12‑19 02:05:19
Input Amount 9.969 SBD
Output Amount 0.0057645 BTC
Sent to Address 17Swph2ybef9hKL43ua8QqZibchYaAFJN5
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Time (local) 2017‑12‑20 16:31:10
Input Amount 12.843 STEEM
Output Amount 0.00111742 BTC
Sent to Address 17Swph2ybef9hKL43ua8QqZibchYaAFJN5
Transaction ID e292bcd0
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17Swph2ybef9hKL43ua8QqZibchYaAFJN5 - (Unspent) $ 19.81
Transfer 12.843 STEEM to blocktrades 8a29d4cc-e8c8-4549-8792-8748a2afa415
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