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Tax News Sept 2017 - Avoid IRS Trouble by Reporting Bitcoin Cash"

Tax News Sept 2017 - Avoid IRS Trouble by Reporting Bitcoin Cash"

Tax News Sept 2017 - Avoid IRS Trouble by Reporting Bitcoin Cash"

Excerpt 


Avoid IRS Trouble by Reporting Bitcoin Cash



IRS guidance on the tax treatment of cryptocurrencies already exists. Right now, the IRS considers cryptocurrencies to be “intangible assets.” As a result, they are subject to capital asset treatment. However, recent developments complicate matters.


On Aug. 1, Bitcoin split into two separate cryptocurrencies – Bitcoin and Bitcoin Cash. The currently issued guidance does not address cryptocurrency splits, also known as fork transactions.


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