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RE: A Comprehensive Guide To US Cryptocurrency Law!

in #news7 years ago

It seems to me that the information on http://bitcoinlawhub.com/ is outdated. There has recently been changes made to 1031 tax code that dis-qualify crypto as "real property"; therefore, the following statement made at the site is incorrect (at the very least, lacking details):

Consequently, every individual or business that owns bitcoin will need to, among other things, (i) keep detailed records of bitcoin purchases and sales and (ii) pay taxes on any gains that may have been made upon the sale of bitcoin for cash or purchase of a product with bitcoin.

Besides "for cash" and "for product", it will also include "for other crypto".

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"this is just an introduction to US law and the way it affects cryptocurrency, this resource is an excellent starting point for amateurs who desire to be educated about the topic"