Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
rolling
on 10/10/2019, 14:52:36 UTC
https://www.forbes.com/sites/kellyphillipserb/2019/10/09/irs-issues-new-guidance-on-the-tax-treatment-of-cryptocurrency/#4f7b79d459e5

Looks like they want to treat the hardforks and airdrops now as taxable income events. Hopefully someone can explain how that isn't the case. All I need is to worry about now is keeping track of the 50 shitcoin hardforks and airdrops that get created everyday. That makes no sense so I assume I am wrong somehow.

They don't understand the difference between a fork and an airdrop so of course they screwed it up by combining them.

In either case, they treat forks like airdrops and they are clear that if it's technically possible to exercise control over the fork coins, then they are taxable on the date of creation at the market price regardless of whether you access them or not. The selling of the coins is a separate taxable event.