IRS crypto and bitcoin tax

The Internal Revenue Service released its newest FAQ and guidelines on taxing US nationals for crypto transactions. The updated guidelines may come as a surprise to those that once rejoiced because of hard forks and the “free” coins that came with them.

Is a Hard Fork Really Income?

Outside of the already established rules for declaring short-term or long-term capital gains, the IRS believes coins originating in a hard fork created taxable income for the year in which the coins were received.

Twitter commenters immediately noted that the IRS misinterpreted hard…

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