The U.S. Inside Income Service (IRS) has issued lengthy-awaited steerage on the tax therapy of cryptocurrencies. It’s usually described by the crypto neighborhood as a combined bag since some components are helpful whereas others have raised many extra questions, notably how cryptocurrencies from arduous forks and airdrops are taxed.
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New Crypto Tax Guidance
The IRS has lastly issued the lengthy-promised comply with-up tips on the tax therapy of crypto property. The company’s new steerage, revealed Wednesday, consists of Income Ruling 2019-24 and 43 continuously requested questions (FAQs).
“The brand new income ruling addresses widespread questions by taxpayers and tax practitioners concerning the tax therapy of a cryptocurrency arduous fork,” the IRS defined, including that the accompanied “set of FAQs tackle digital foreign money transactions for many who maintain digital foreign money as a capital…