Tax Man be coming...
The U.S. tax code is on the brink of its largest overhaul in three decades.
And while neither the House of Representatives or Senate version of the tax bill (both have passed in their respective chambers and are in the process of being reconciled into a final bill) specifically addresses cryptocurrency, several rule changes could potentially catch bitcoin holders who realized eye-popping gains in 2017 by surprise.
So far, both versions scrap the "like-kind" exchange mechanism that many cryptocurrency holders have used in the past and the Senate version proposes a "first-in, first-out" (FIFO) accounting framework, which could complicate cryptocurrency token reporting.
Yet, the proponents of the reform, including President Donald Trump and the majority of Republicans on Capitol Hill, argue the goal is to make paying Uncle Sam far less torturous of a process for everyone.