IRS issues cryptocurrency guidance, virtual currency FAQs
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Tuesday, October 15, 2019

IRS issues cryptocurrency guidance, virtual currency FAQs

By Payroll and Entitlements Editorial Staff

The IRS has released cryptocurrency guidance and frequently asked questions on virtual currency.

Under the cryptocurrency guidance:

  • a taxpayer does not have gross income from a hard fork of the taxpayer's cryptocurrency if the taxpayer does not receive units of a new cryptocurrency; and
  • a taxpayer has ordinary income as a result of an airdrop of a new cryptocurrency following a hard fork if the taxpayer receives units of the new cryptocurrency.

The IRS has also posted on its website a set of Frequently Asked Questions (FAQs) about virtual currency.

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