Did you file crypto taxes in 2016 and claim like-kind exchanges under section 1031 - i.e. claimed no gain since the trades were crypto to crypto rather than realizing the gains into fiat? If so, did you file form 8824? And if so, did the IRS challenge it? The 2018 tax code closed this avenue but it was still a theoretical option in 2016 and is now in 2017. Trying to figure out how best to file based on actual past experience...
I did not and my taxes were accepted
Why would you think that they will not accept your taxes ? You will get a Audit in future ...be ready for heavy panelties
Since you declared the trades on form 8824 the IRS could have got back to you and said you've got to pay tax, as I understood it was entirely unclear if claiming like-kind exchange would fly. If they didn't that's awesome since it means they must have accepted the like-kind treatment for you that year. And this makes me much more inclined to give it a shot.
Careful there OP.. Even if your taxes get accepted and the IRS doesn't challenge you right away, it doesn't mean you're out of the woods. There's always a good chance of getting audited which can happen even years after the current tax returns have been filed.
True, they have 3 years. But they say they try to be quick and audits aren't random. So hopefully if the reporting would have triggered an audit, it'd been announced by now...
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I did for 2016 and Will be doing it for 2017 as well
Just double checking, you filed form 8824 and no IRS response? Thanks so much for sharing your experience!
What do you mean by no IRS response ? What response would you expect ?