On Wednesday October 9, in Revenue Ruling 2019-24 the IRS delivered on some of those promises, publishing a Revenue Ruling on the tax treatment of forks and related airdrops and posting an accompanying information circular on its website providing a list of frequently asked questions and answers (“IRS Q&A”) that, among other things, addresses methods for determining a taxpayer’s basis in cryptocurrency. While the IRS Q&A appears to be mostly non-controversial, the treatment of forks and airdrops is likely to be the subject of debate.
More on US tax implications from the use of crypto. If you have questions about hard forks or airdrops, let us know info@cyd.digital.
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