I'm thinking it isn't and it doesn't seem logical for it to be..
There's a law in the UK called something like "overnighting" whereby you can sell and rebut an asset within 30 days without having to pay capital gains tax on the difference (or I think that's what it is anyway). Since you've essentially swapped like for like though I don't think itd constitute that.
I'd be busy arguing it's a loss also... Since you'll have less btc with gbtc than you would with btc.
Topic: IRS publication, webpage or memorandum on exchanging bitcoins for shares of GBTC (Read 56 times)
December 27, 2020, 09:00:47 PM
December 27, 2020, 07:11:38 PM
I exchanged bitcoins for shares of GBTC (Grayscale Bitcoin Trust). I have not sold the shares of GBTC yet. I'm trying to find an IRS publication, webpage or memorandum that says whether or not the exchange of BTC for shares of GBTC was a taxable event. I'm aware that when I sell the shares of GBTC, that will be a taxable event.
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