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Does a bitcoin exchange qualify as a Like-Kind Exchange under 1031?

The ruling presented the following stated question: If completed prior to January 1, 2018, does an exchange of (i) Bitcoin for Ether, (ii) Bitcoin for Litecoin, or (iii) Ether for Litecoin qualify as a like-kind exchange under § 1031 of the Code? The ruling set forth the following conclusion: No.

Does Litecoin qualify as a Like-Kind Exchange under 1031?

The ruling set forth the following conclusion: No. If completed prior to January 1, 2018, an exchange of (i) Bitcoin for Ether, (ii) Bitcoin for Litecoin, or (iii) Ether for Litecoin does not qualify as a like-kind exchange under § 1031 of the Code.

Are Bitcoin and ether a like-kind property under 1031?

Therefore, Bitcoin and Ether do not qualify as like-kind property under section 1031. As one can see, the IRS places significant emphasis on the functionality of the cryptocurrency at issue in a proposed exchange.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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