Tag Archives: Internal Revenue Service

The Internal Revenue Service (IRS) has published new guidelines for taxpayers who use cryptocurrencies. Already in 2014, when the IRS issued its guidelines it became clear that for tax purposes, virtual currencies – including cryptocurrencies – should be treated as capital assets. The main idea that supports such an approach is that they are convertible into cash. In other words, capital gains tax rules apply to all gains or losses attributable to digital currency.The freshest Revenue Ruling...

For the first time since 2014, the Internal Revenue Service (IRS) has issued guidelines for calculating tax liabilities on hard forks; but it seems to raise more questions than it answers. The document attempts to explain how tax obligations arise from chain-splits; however, the IRS omitted guidance for those who do not wish to receive cryptocurrencies related to a hardfork. What the Fork? The IRS defines tax liabilities as arising as soon as the forked cryptocurrencies come into existence...