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IRS clarifies the tax treatment of cryptocurrency ‘hard forks’ and ‘airdrops’

by Paul Bonner | Oct 20, 2019   ()

A “hard fork” of a cryptocurrency owned by a taxpayer does not result in gross income for a taxpayer if the taxpayer receives no units of the new cryptocurrency, but taxpayers receiving an “airdrop” of units of a new cryptocurrency after a hard fork have ordinary gross income from the airdrop, the IRS ruled in Rev. Rul. 2019-24, issued Wednesday. 
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Source: Journal of Accountancy

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