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To: ASA Vet

Investors in Bitcoin and other cryptocurrencies should be celebrating their gains now because in just a matter of days the 1031 tax loophole that’s been a financial benefit for many will be gone under the new tax law. The Tax Reform bill which passed both houses of Congress and was signed into law by President Trump last week . The removal of the loophole coupled with the IRS’ increased desire to find and prosecute those with unreported digital assets means not everyone in the cryptocurrency world will be celebrating a happy New Year when the clock strikes midnight on December 31st, and every single cryptocurrency exchange becomes instantaneously taxable.


5 posted on 12/29/2017 7:08:31 AM PST by Grampa Dave (America had regime change January 2017! ISIS collapsed! Are the FBI/DOJ/CIA next?)
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To: Grampa Dave
1031 loop hole

While there is no ruling with regard to crypocurrencies, like kind exchanges between different cryptos were almost certain to be considered taxable events. The closest comparison is precious metals where exchanges between gold and silver are taxable.

16 posted on 12/29/2017 10:07:21 AM PST by Database
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To: Grampa Dave
Investors in Bitcoin and other cryptocurrencies should be celebrating their gains now...

Ponzi sure did!

18 posted on 12/29/2017 11:49:20 AM PST by Elsie (Heck is where people, who don't believe in Gosh, think they are not going...)
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