I know you guys aren't into cryptocurrencies but this new tax bill is going to make things extremely convoluted when it comes to reporting taxes. The guy in this video explains that before January 1st 2018 the only taxable event was when you cashed out your Bitcoin or whatever crypto for US dollars. The new tax bill makes it so that if you exchange Bitcoin for Litecoin or vice versa, that is now a taxable event. One of the biggest problems is that if you exchange Bitcoin for Litecoin or whatever crypto you now have to figure out what the fiat dollar value of that exchange was at that particular time and there is no easy way to do that. It would probably be easier to figure out what the US dollar value was of a trade from 1 Eruo to 1 Yuan than it would be to figure out from Bitcoin to Litecoin or vice versa. There's some people who trade crypto full time and they can consistently make anywhere from 60-100 trades per day and now they have to track all of those trades.
I make a little bit of money on the side from trading crypto's and the thing for me is that I don't have a problem reporting my profits/losses to the IRS even though they rape you with the capital gains tax but the thing is that now they're making it damn near impossible to figure out how much you're supposed to report. I think there are a lot of people who are in my shoes who trade cryptos and they also don't have a problem with reporting to the IRS but I have a feeling that if it's going to be this difficult to report profits/losses to the IRS, people will start saying screw it and just not even report at all.
It just blows my mind how the government can make these unenforceable gun laws or impossible to follow tax laws and expect everyone to follow them with a smile on their face. To the people who make 60-100 trades per day, I can only imagine how fun it's going to be to not only go through each individual trade they made throughout the previous year or even month and figure out how much they profited/lost on each of those trades. With the volatility of the crypto markets you have to be really quick with these trades so it's not like you can close out one trade and then figure out how much you made or lost on that trade because if you do you'll miss out on several other trades. If you consistently make only 60 trades per day and you do that consistently for 5 days a week that's at least 14,400 individual trades that you have through for the previous year.