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IRS Official Stated That Taxpayers Couldn't Defer Taxes On Cryptocurrency Exchanges From Past Years
Summary: Suzanne Sinno, an attorney in the IRS Office of the Associate Chief Counsel, stated that taxpayers aren’t able to defer taxes on exchanges of cryptocurrency, even if those were transactions were from past years. Sinno said during the American Institute of CPAs conference November 13, 2019, that it is the agency’s position that like-kind exchange ...
Suzanne Sinno, an attorney in the IRS Office of the Associate Chief Counsel, stated that taxpayers aren’t able to defer taxes on exchanges of cryptocurrency, even if those were transactions were from past years.
Sinno said during the American Institute of CPAs conference November 13, 2019, that it is the agency’s position that like-kind exchange principles were never applicable to cryptocurrency. However, the statement was not an official announcement or “authority" for federal income tax purposes.
By Ramsey Baker
Tags: Cryptocurrency,IRS,Taxes,taxpayers
Link: IRS Official Stated That Taxpayers Couldn't Defer Taxes On Cryptocurrency Exchanges From Past Years [Copy]
