Joshua Ashley Klayman provides guidance for how cryptocurrency traders should approach their taxes this year under the Trump Administration’s tax overhaul in the Crowdfund Insider article “The Taxman Cometh: Tax Reform May Impact Cryptocurrency Trading.”
“Whether or not U.S. token purchasers are aware of it, some aspects of the new U.S. Tax Reform Bill are likely to have a very real effect on them individually,” she said. “The new tax laws clarify that, when a token purchaser buys a digital token using another digital token, it is a taxable event.”
“To put it into perspective, purchasers using Bitcoin or Ether to purchase alt-coins in initial token offerings will have taxable events, not just when they sell those alt-coins, but also at the moment of purchase of the alt-coins.”
Read the full article.