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Should virtual currency exchanges be treated like real property exchanges?

Id.at § 9. The bill says that exchanges of virtual currency should be treated like exchanges of real property. Id. Presently, exchanges of real property have no gains or losses recognized if the exchanges are for property of “like-kind”. IRC § 1031(a)(1).

Will 'forks' of digital tokens affect taxes?

The IRS is expected to publish guidelines soon regarding the effects of “forks” of digital tokens on taxes. Additionally, the U.S. House of Representatives is considering a bill, but has not passed it, that would bring back 1031 “like kind” exchanges and reduce tax requirements for non-cash exchanges of digital tokens.

What cryptocurrencies are regarded as 'on and off ramp'?

The IRS noted that bitcoin and ether were the most regarded cryptocurrencies and served as an "on and off ramp" because taxpayers often needed to purchase bitcoin or ether before being able to purchase another coin, such as litecoin.

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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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