IRS Crypto Guidance Clarifies A Few Things For Investors

Law360 (October 15, 2019, 4:35 PM EDT) -- The IRS has released more guidance[1] on how cryptocurrencies are taxed — for the first time in five years. They answered a host of questions related to everything from forks to fees and cost basis. While the primary objective of the guidelines was to clarify some outstanding tax issues, the ill timing — just a few days before the extended tax deadline — will likely result in a frenzy among investors.

Up until now, people had been relying largely on the opinions of accountants, lawyers and common sense to figure out how things like airdrops and hard forks should be taxed....

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