IRS Rules Bitcoin Forked Assets Subject to Tax
According to Pluang, the Internal Revenue Service has stated that users of Bitcoin owe taxes on forked digital assets.
Bitcoin users are subject to taxation on forked assets, according to a report from Pluang. The guidance addresses the tax treatment of cryptocurrencies originating from blockchain forks.
Tax Obligations
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The Internal Revenue Service maintains that holders of the original cryptocurrency who receive new assets resulting from a blockchain fork must report the value as taxable income.
Key facts
- IRS states Bitcoin users owe taxes on forked assets
- Guidance affects recipients of post-fork digital currencies
Source: news.google.com
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