The IRS has ruled bitcoin is "property." Section 1031 under the IRS code allows the exchange of property of "like kind" without being a taxable event. The most common form of 1031 exchange is an investment property which is bought with the proceeds of another investment property (i.e. you don't pay capital gains).
The IRS should give guidance on "like kind" properties which bitcoins can be exchanged for in a 1031 exchange. Maybe someone who cares a little more should email the IRS.
More info: http://ift.tt/1hrP6MO
*I doubt this happens. The IRS just wants all your money.
submitted by effallyall
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from Bitcoin http://ift.tt/1gh8F5P
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