Submit an amendment for crypto as like-kind exchange

submit an amendment for crypto as like-kind exchange

What is cryptonight mining

Further, in Revenue Rulingafter January 1,the coins ie, coins deriving value from age, scarcity, history, or aesthetics are not like-kind to property, excluding all other property, including cryptocurrency. Prior IRS guidance interprets this. DLA Piper is global law started Bookmarks info. IRS concludes Section tax-deferred "like-kind" rule narrowly.

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Enter the loss from your Schedule D, line 7, as a positive amount 5. To make the election, report the sale in Part I or Part II depending on how long you, or the pass-through entity, if applicable, owned the stock of Form as you would if you weren't making the election. However, if you chose not to treat all of the gain from payments received after May 6, , and before August 24, , as unrecaptured section gain, use only the amount you chose to treat as unrecaptured section gain for those payments to reduce the total unrecaptured section gain remaining to be reported for the sale.