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On October 9, the IRS issued Revenue Ruling 2019-24, which
addresses the tax treatment of cryptocurrency hard forks and
airdrops. Very generally, a hard fork occurs when a cryptocurrency
splits into two cryptocurrencies: the original pre-fork
cryptocurrency and a new post-fork cryptocurrency. An airdrop
occurs when a taxpayer receives cryptocurrency on a promotional
basis.
Under the ruling, a taxpayer will not be taxed solely as a
result of a hard fork, but will be taxed on the fair market value
of any airdropped cryptocurrency when the taxpayer has dominion and
control over the cryptocurrency.
For a discussion of other IRS actions relating to cryptocurrency
transactions, please see our previous BrassTax
articles
here and
here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
