Bloomberg Tax
Nov. 15, 2019, 10:34 PM

IRS Walks Back Earlier Comments on Crypto Like-Kind Exchanges

Allyson Versprille
Allyson Versprille

An IRS official said the agency doesn’t have a blanket policy to deny taxpayers the ability to use like-kind exchanges for pre-2018 cryptocurrency trades.

Instead, the agency will make a determination based on taxpayers’ particular facts and circumstances, said Christopher Wrobel, an attorney in the Office of the Associate Chief Counsel (Income Tax and Accounting). He spoke Nov. 15 at the American Institute of CPAs fall tax division meeting in Washington.

  • A different IRS official said earlier in the week that like-kind exchange principles shouldn’t be applied to cryptocurrency exchanges that occurred before 2018. That official said recent “frequently ...