US regulatory authority, the IRS (U.S. Internal Revenue Service) has published new rules for the taxation of Kryprowährungen. These are the first published indications of this type for the past 5 years. Were announced already in may this year. The content the IRS is focusing to a large extent on the taxation of Hard Forks.
From Polina Khubbeeva
11. October 2019BTC$about 7,472,68 -7.97%part Facebook Twitter LinkedIn xing mail
has The US tax authority IRS (Internal Revenue Service) 9. October new guidelines on the taxation of crypto-presented receipts. In this, the authority dealt with the impact of Hard Forks to the taxation, the income classification of the crypto-income, as well as the calculation of taxes on the sale of Bitcoin & co.
The IRS payers if the tax first of all, a comprehensive documentation of your crypto-transactions. Also, the Transfer between Wallets of the same owner must be recorded, to the tax freedom to demonstrate. Furthermore, the document provides for a higher taxation of long-term deposits. Specifically, Assets will be taxed according to a storage time of more than one year higher than short-term investments.
IRS issues rules to Hard Forks
The taxation of income arising as a result of a Hard Fork, employed in the cryptographic Community for quite some time. The IRS has now, that this revenue „shall be treated as ordinary income according to the market value of the new crypto currency on the date of receipt of“ to. Should have a Hard Fork, the emergence of a new Coins (example: BCH according to the BTC Hard Fork), fall under the tax obligation. The Same is true for units of a new crypto-currency, which were received by Air Drop.
Some of the experts practicing under this regime, criticism of the IRS. Because, as Jerry Brito, Director of the law firm Coin Center, told the business magazine Bloomberg, „prompts third parties now Control it to someone by you fork the network, whose Coins the Person owns, or to move them to an unfamiliar Airdrop.“
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The IRS announced the publication of relevant regulations already in may of this year. Since then, the expected members of the crypto-industry information with voltage. Because the existing rules from the year 2014 not only a lot of questions unanswered. They were also of the complexity of the existing requirements of the industry is not appropriate. A lot of crypto investors are paid, therefore, in part, of any tax.
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