Tax
Nov. 26, 2019
Debate over 1031 swaps of cryptocurrencies continues
Five years ago, the IRS announced that bitcoin and other cryptocurrency was property. More recently, the IRS addressed hard forks. In 2017, Congress said tax-free 1031 swaps could only be of real estate starting in 2018. But many crypto investors have claimed tax-free treatment for swaps in 2017 and before. The stakes involve millions if not billions of tax dollars.
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.
Five years ago, the IRS announced that bitcoin and other cryptocurrency was property. More recently, the IRS addressed hard forks. In 2017, Congress said tax-free 1031 swaps could only be of real estate starting in 2018. But many crypto investors have claimed tax-free treatment for swaps in 2017 and before. The stakes involve millions if not billions of tax dollars.
That is why the world sat up when someone from the IRS said -- at a ...
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