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Part 2 , Prior to , section also applied to certain exchanges of personal property. One kind or class of property may not be exchanged for property of a different kind or class. For example, an investor who exchanged gold bullion for silver bullion was required to recognize gain in part because silver is primarily used as an industrial commodity while gold is primarily used as an investment.
In other words, an individual seeking to invest in a cryptocurrency other than Bitcoin or Ether, such as Litecoin, would generally need to acquire either Bitcoin or Ether first. Similarly, an individual seeking to liquidate his or her holdings in a cryptocurrency other than Bitcoin or Ether, such as Litecoin, generally would need to exchange those holdings for Bitcoin or Ether first. Thus, Bitcoin and Ether played a fundamentally different role from other cryptocurrencies within the broader cryptocurrency market during and Unlike other cryptocurrencies, Bitcoin and Ether acted as an on and off-ramp for investments and transactions in other cryptocurrencies.
Because of this difference, Bitcoin and Ether each differed in both nature and character from Litecoin. However, while both cryptocurrencies share similar qualities and uses, they are also fundamentally different from each other because of the difference in overall design, intended use, and actual use.
The Bitcoin network is designed to act as a payment network for which Bitcoin acts as the unit of payment. Therefore, Bitcoin and Ether do not qualify as like-kind property under section As one can see, the IRS places significant emphasis on the functionality of the cryptocurrency at issue in a proposed exchange. Whether post trades and trades involving other cryptocurrencies and alt currencies qualify for like-kind exchange tax deferral is a matter that taxpayers currently need to address on a case-by-case basis.
If you have concerns about your crypto tax liability, you should consult with a Maryland tax attorney. The IRS generally views taxpayers in a more favorable light when they correct their past mistakes proactively as opposed to waiting to hear from agents or investigators. There are options available for correcting past mistakes and potentially reducing the amount you owe , and an experienced attorney should be able to help protect you to the fullest extent possible.
Request a Confidential Consultation with a Maryland Tax Attorney If you need to know more about the federal tax laws that apply to cryptocurrency investors in the U.
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