Cryptocurrency owners are generally obliged to pay taxes when they exchange it for dollars or physical goods, but the new rule now effectively means that all crypto-related transactions will be a taxable event. Sec. 13303 of the tax act amends IRC Section 1031 (a)(1) to replace “property” with “real property” barring all like-kind exchanges except those between real property owners. Amendments to lighten cryptocurrency reporting requirements were not included in the final bill. Because no crypto exchanges at this time provide a 1099 to customers, reporting requirements will be next to impossible to comply with if a buyer trades frequently.