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Crypto Exchanges Before 2018 Are Not “Like-Kind”, According to IRS Official

Crypto Exchanges Before 2018 Are Not “Like-Kind”, According to IRS Official

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$eight,611

Bitcoin has fluctuated across the mid $eight,000 vary as of late, returning to $eight,600.

Top-20 altcoins have as soon as once more remained flat, with just a few cash having 1% strikes or larger throughout the ultimate 24 hours. Cosmos is up three%, whilst Litecoin and EOS are up 1.five% every.

Top Stories for November 15, 2019 🔥

👉 Crypto Exchanges Before 2018 Are Not “Like-Kind”, According to IRS Official

An lawyer within the IRS Office of the Associate Chief Counsel has claimed that crypto-to-crypto trades sooner than 2018 can’t be handled as tax-deferred “like-kind” transactions.

It used to be made transparent that like-kind exchanges may just no longer be used for cryptocurrency trades made in 2018 and onward, on the other hand trades sooner than this time had been some degree of competition.

A choice additionally looms surrounding airdrops, the place it’s not sure if promotional airdrops will have to be handled as taxable.

👉 New Law in Wyoming Creates NY BitLicense Workaround

A brand new crypto-banking regulation within the state of Wyoming would possibly provide some way across the difficult New York BitLicense, in accordance to assets.

A unique construction known as a Special Purpose Depository Institutions (SPDI) would possibly permit crypto exchanges to function in New York with out going throughout the state’s difficult licensing procedures.

👉 Compound Finance Secures $25m in Funding

Compound Finance have landed USD$25 million in Series A investment, led by way of Andreessen Horowitz.

The investment will likely be used to convey Compound Finance to the bizarre particular person, by way of integration with a variety of exchanges and wallets.

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