Tax
Mar. 1, 2018
At tax time, who actually owns that crypto?
The fact that the IRS says crypto is property might prompt you to consider the concept of ownership. Wouldn’t it be nice if some looming tax problem turned out not to be yours, but instead, was someone else’s?
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
The IRS says that bitcoin and other cryptocurrency is property for federal tax purposes. That can be painful, since just about any transfer of property can trigger taxes, even crypto to crypto swaps. The tax code now says a crypto for crypto exchange cannot qualify as a tax-free 1031 exchange.
Transfers are treated as sales for tax purposes, unless y...
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