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None of this means anything. "Nature of the transaction" is not a thing. Like-kind exchanges no longer exist. Transacting in crypto, to buy something or to sell

None of this means anything. "Nature of the transaction" is not a thing. Like-kind exchanges no longer exist. Transacting in crypto, to buy something or to sell it, is a taxable transaction of a capital asset and results in a capital gain or capital loss. As for the "licensed professional" dig, they're the only people who are going to represent you in front of the IRS when bad advice gets you in trouble. Do with that information what you will. So FWIW, look out for ^ these guys too. Talk to your state or the federal bar taxation section.

vmception 5y ago
This is uninspired, the nature of the transaction includes vesting schedules, 83(b) elections, 83(i) elections, donations to tax exempt organizations, and much much more. Nobody said anything about like-kind nonsense but for some reason thats the entire universe of your meta considerations. Yeah, I’m not really responding to you at this point, everyone else that makes it this far in The thread, the point is clear: find someone inspired enough and willing enough to look at the nature of a transaction and its associated tax compliance even if they are unfamiliar with the assets used in the transaction but ideally are familiar with crypto assets being used instead of cash or securities. On this point, both of us are saying the same thing, except that the other person thinks that someone advertising domain expertise will give bad guidance. There is no way of gauging that from that assumption alone.
- tldrthelaw 5y ago
  Lot of BS buzz words in this reply. IRS does not recognize crypto as cash. Please folks, disregard this inspired (read: bad) advice.
  - vmception 5y ago
    there wasnt a single buzz word or marketing term used. you are obsessed with being right to attract business to your dinosaur accounting/legal firm thats losing business in a high growth sector, under the guise of better compliance and denigrating firms that you have no idea what they file

vmception 5y ago

This is uninspired, the nature of the transaction includes vesting schedules, 83(b) elections, 83(i) elections, donations to tax exempt organizations, and much much more. Nobody said anything about like-kind nonsense but for some reason thats the entire universe of your meta considerations. Yeah, I’m not really responding to you at this point, everyone else that makes it this far in The thread, the point is clear: find someone inspired enough and willing enough to look at the nature of a transaction and its associated tax compliance even if they are unfamiliar with the assets used in the transaction but ideally are familiar with crypto assets being used instead of cash or securities. On this point, both of us are saying the same thing, except that the other person thinks that someone advertising domain expertise will give bad guidance. There is no way of gauging that from that assumption alone.

tldrthelaw 5y ago
Lot of BS buzz words in this reply. IRS does not recognize crypto as cash. Please folks, disregard this inspired (read: bad) advice.
- vmception 5y ago
  there wasnt a single buzz word or marketing term used. you are obsessed with being right to attract business to your dinosaur accounting/legal firm thats losing business in a high growth sector, under the guise of better compliance and denigrating firms that you have no idea what they file