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Question cryptocurrency taxation with the IRS

160 103 October 14, 2017 at 06:46 PM

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Last Edited by October 14, 2017 at 07:58 PM
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I understand the IRS will tax cryptocurrency profits and hope to get some insight from our fellow SDers, esp those who are tax experts. Since many of the crypto exchanges require KYC/AML on US account holders, presume they will eventually have to report it to the IRS.

1. How are you guys reporting this to the IRS in your tax filings? (assuming you are)

2. Are they subject to wash sale rules similar to securities?

3. Do you have to report cryptocurrency swap transaction to another cryptocurrency, and if so how is this reported? (e.g. btc to eth or vise versa) I presume no because it is not involed directly with fiat?

4. If no reporting is required from cypto to crypto swap transaction, how do you calculate your cost basis on the gains?

Many thanks in advance.



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don't ask don't tell
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This is one thing that I've read so far on the topic:
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