What am I missing here searing? If you claim your bch and trade it for btc and top up your btc without selling for dollars what is the issue?
the IRS does NOT allow you get something for nothing..ie you mine you get to pay income tax on what you mine....they COULD do the same for BCH
it is MORE likely they would simply count it as a stock split or as you say BCH to BTC for like kind..but for myself..if they do not....I'd rather be in
a position where I did nothing..then move it about to btc or cash or whatever and have them call it a 'taxable event' and owe them 50% on teh 800 usd
when it hit the world....also they have that nice capital gains of 20% if you hold a coin for 1 year or 1 day or if less than that 40% capital gains
to me not worth it..so will ignore...and hope you are correct or they treat it as a stock split
but again in 2013 they dumped the crypto guidelines 10 days before the tax deadline of april 15th that year
also the coinbase thing where they thought 400 folk were cheating taxes with bitcoin and wanted all info names etc from all accounts from coinbase
besides...BCH will likely survive as an alt...if btc ever hits 10k I'm sure BCH will be just fine at the 800 bucks it hit the world at
one other point....my bank in 2013 went after me as money laundering...when all btc was evil...i showed the SEC guy my CPA tax returns...so yeah
for the 12% more I could make..it is not worth the hassle....
and again IF I don't mess with it I suspect they will treat it as a stock split and you won't have to worry till you sell it
but we likely (its the IRS) won't know till 10 days before april 15th tax deadline in 2018 (its how they roll)
not saying I"m right...just my reaction at not having a clue on how this will pan out (or convinced otherwise)
You seem to not be helping yourself with your arguments against your own financial situation.
I think that if you are nervous about taxes, then you are likely leaving value on the table because of your nervousness, and the best is to take most of the BCH profits by selling most of the BCH and fold that value into your BTC holdings.
I don't give a ratt's ass whether the IRS might possibly believe such BCH windfall to be a taxable event, there is no guidance on that point, so accordingly, unless you are actually cashing out, I would not claim folding in of extra BTC (gotten from BCH) as a taxable event.
When you cash out later, that is another story, and at that point you can figure out and account for your BTC cost basis for whatever BTC you are cashing out, blah blah blah, which then would be the taxable event.
If your accountant is telling you otherwise or does not have any reasonable plan in which you could fold those BCH into BTC, then maybe it is better to find a more "creative" accountant?
