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Forbes: IRS Clarifies Tax Implications On 2017 Bitcoin Hard Fork
Summary: An IRS Memorandum released recently further clarifies when cryptocurrency hard forks should be taxed, as reported by Forbes. The memorandum specifically talks about bitcoin (BTC) & bitcoin cash (BCH) hard fork occurred on August 1, 2017 at 9:16 AM EDT. Pursuant to the hard fork, people who held BTC received an equivalent amount of BCH. Although ...
An IRS Memorandum released recently further clarifies when cryptocurrency hard forks should be taxed, as reported by Forbes.
The memorandum specifically talks about bitcoin (BTC) & bitcoin cash (BCH) hard fork occurred on August 1, 2017 at 9:16 AM EDT. Pursuant to the hard fork, people who held BTC received an equivalent amount of BCH. Although the fork occurred on August 1, 2017, not every BTC holder got access to BCH at that time. For example, people who used Coinbase had to wait until January 1, 2018 to get access to their BCH. Other centralized exchange users also had to wait several days or weeks before being able to withdraw their newly received BCH.
If you went through the Bitcoin fork, it’s important to see when your exchange supported the coin and when you received dominion and control to accurately figure out your income for tax purposes.
By Amy Liu
Tags: Bitcoin,Hard fork,IRS,Tax
Link: Forbes: IRS Clarifies Tax Implications On 2017 Bitcoin Hard Fork [Copy]
