IRS issues additional guidance on tax treatment for cryptocurrency

Re:IRS issues additional guidance on tax treatment for crypt... by dragonwriter on Wednesday October 09, 2019 @04:37PM (#21207759)

I think it's the most reasonable reading of the guidance, but I would agree that it would be vastly superior if this (or some other treatment) was made quite explicit. Guidance should do a better job of guiding.

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Re:IRS issues additional guidance on tax treatment for crypt... by nullc on Wednesday October 09, 2019 @04:54PM (#21207946)

How do you square your interpretation with the text at the top of page 5?

It appears to be saying in situation 1 you have no N-coins at all. By exclusion, situation 2 would apply if you have the new coins and it clearly states taxes are owned on the market value in that case.

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Re:IRS issues additional guidance on tax treatment for crypt... by gamblor956 on Wednesday October 09, 2019 @08:38PM (#21209765)

Not sure I understand your confusion. If you don't receive the forked coins (situation 1) you don't have income. It doesn't matter why you didn't get any of the forked coins.

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Re:IRS issues additional guidance on tax treatment for crypt... by nullc on Wednesday October 09, 2019 @10:59PM (#21210412)

I was reading the top of page 5 as "the user doesn't have any crypto N after the hardfork". I understand your reading now.

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