On October 9, 2019, the IRS released Revenue Ruling 2019-24, which provides guidance with respect to hard forks and airdrops of cryptocurrency, and new frequently asked questions (FAQs), which provide guidance on other cryptocurrency issues. Rev. Rul. 2019-24 and the new FAQs represent the most significant cryptocurrency guidance the IRS has published since the limited guidance provided five years ago in Notice 2014-21, which sets forth the IRS position that virtual currency should be treated as property rather than currency for U.S. federal income tax purposes.
Taxpayers involved in investing in, trading, or creating cryptocurrency assets should find the new […]
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