just for the record.....this does not avoid cap gains tax..... This isn't even close to a like-kind exchange.
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just for the record.....this does not avoid cap gains tax..... This isn't even close to a like-kind exchange.
Wrong exemption my friend. See article below and Excerpt. It has nothing to do with Like-Kind Exchange. It is a law written specifically for Crypto. I included the actual document in my article. Sorry friend, I do not mean to just say I told you so, I just want everyone to have the information.
Q-12: Is a payment made using virtual
currency subject to information reporting?
A-12: A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property. For example, a person who in the course of a trade or business makes a payment of fixed and determinable income using virtual currency with a value of $600 or more to a U.S. non-exempt recipient in a taxable year is required to report the payment to the IRS and to the payee. Examples of payments of fixed and determinable income include rent, salaries, wages, premiums, annuities, and compensation". so basically any payment in crypto under $600 US is not taxed by Cap Gains.
https://steemit.com/cryptocurrency/@embomb701/use-tenx-pay-visa-to-legally-avoid-capital-gains-tax-in-the-us