IRS issues additional guidance on tax treatment for cryptocurrency

Re:IRS issues additional guidance on tax treatment for crypt... by klodolph on Wednesday October 09, 2019 @04:06PM (#21207394)

> You could read the ruling as saying that if you have coins on both the old system and the new system that you recieved an 'air drop' and owe taxes.

The text is fairly clear on this point, that a hard fork may or may not be followed by an airdrop, because it has a separate entry for “hard fork followed by airdrop” and “hard fork not followed by airdrop”.

So if you have a hard fork, and your old coins are now on two forks, that’s not income. “Hard fork without airdrop.”

I am not sure what else “hard fork without airdrop” could possibly mean.

Agreed that the cost basis for these coins is unclear.

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Re:IRS issues additional guidance on tax treatment for crypt... by gamblor956 on Wednesday October 09, 2019 @08:31PM (#21209715)

Cost basis is very clear. It's zero, because there is no cost to acquiring the forked coins.

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Re:IRS issues additional guidance on tax treatment for crypt... by klodolph on Thursday October 10, 2019 @07:47AM (#21213327)

Which ledger’s coins have the zero cost basis?

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Re:IRS issues additional guidance on tax treatment for crypt... by gamblor956 on Thursday October 10, 2019 @02:17PM (#21217577)

The forked/new ones, i.e., the ones you received because of the original crypto held.

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