October 9, 2019

IRS clarifies the tax treatment of cryptocurrency ‘hard forks’ and ‘airdrops’


The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
Source: The Tax Adviser

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