Greetings - for those of you who traded cryptocurrencies, or may be thinking about taxation for someone who has traded cryptocurrencies, a tidbit:
Most interpretations of IRS 2014-21 don't allow for the taxpayer to consider crypto to crypto trades as "like kind", thus tax-deferrable - therefore it's safe to say that US taxpayers who traded from Bitcoin to Ethereum, or Ethereum to some random token out of Lithuania, will need to calculate basis and pay tax on the "dollar" gains in each of these trades. Even if you didn't trade back into dollars.
Onerous, I know. The only relief I've found is this website, built as a calculator to help you keep track of the taxable gains (and losses...you are not all superheroes), and divide those into short and long term.
Hope this is helpful.