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FAQ

Does the new IRS tax code 1031 (effective January 1, 2021. make all crypto:crypto trades taxable (as opposed to only when you cash out)?
They’ve never been nontaxable as like-kind exchanges, so the premise of your question is faulty. But, technically, the clarification to 1031 merely confirms that any disposition of a unit of cryptocurrency is a taxable transaction.In any case, starting in 2021. Section 1031 applies only to exchanges of commercial real estate -- and, whatever your feelings might be about the proper tax characterization of cryptocurrencies, you cannot claim that they are commercial real estate.
What is the most simplistic way to explain how to do a 1031 exchange?
Investment Property, Not PersonalProperty must be for business or investment. You can’t use your primary residence in a 1031 exchange.Properties Must Be “Like-Kind” Investment property for investment property. Like-kind doesn’t have anything to do with the quality, location or use of the two properties.Short Fuse45 days from the date of sale to identify potential replacement properties and a total of 180 days (including the 45 day ID period) to purchase at lease one of the identified properties. No extensions.You Need A Qualified Intermediary Don’t touch or use your proceeds, other than to purchase another property. Tax code requires use of a “qualified intermediary” to holds your money in escrow until you are ready to purchase another property.Buy A Property That Costs At Least As Much As the One You SoldReinvest All the Cash: Any cash not reinvested from the sale of your property will be taxable.Same Size or Bigger Mortgage: In order to defer 100% of taxes, the amount of the mortgage on the property you purchase needs to be equal or greater than the mortgage on the property you sell. If the mortgage on your new property is less than the mortgage paid off on your old property, you will owe taxes on the difference.Taxes Are Deferred, Not Eliminated The money you would have to pay in taxes gets reinvested in a new property. However, when property purchased through an exchange is sold, you will owe the taxes—unless you do another 1031 exchange.
How can I fill out an IRS form 8379?
Form 8379, the Injured Spouse declaration, is used to ensure that a spouse’s share of a refund from a joint tax return is not used by the IRS as an offset to pay a tax obligation of the other spouse.Before you file this, make sure that you know the difference between this and the Innocent Spouse declaration, Form 8857. You use Form 8379 when your spouse owes money for a legally enforeceable tax debt (such as a student loan which is in default) for which you are not jointly liable. You use Form 8857 when you want to be released from tax liability for an understatement of tax that resulted from actions taken by your spouse of which you had no knowledge, and had no reason to know.As the other answers have specified, you follow the Instructions for Form 8379 (11/2016) on the IRS Web site to actually fill it out.
If the IRS knows how much money we owe, why do we need to fill out returns?
Because the IRS doesn't know how much money you owe. They know approximately what you made, and they know a little bit about some of your deductions, but they don't know whether and to what extent you are entitled to additional deductions or credits, or whether and to what extent you earned money from transactions not reported to the IRS. Even on the transactions that were reported to the IRS, the IRS doesn't always know how much of that income is actually taxable - or at what rate.