Risk-tolerant retirees who own bitcoin, take note.
On Oct. 9, 2019, the IRS issued its first guidance since 2014 on the tax treatment of virtual currency. Although few retirees may now own bitcoin or other cryptocurrencies, risk-tolerant retirees may be interested in investing in virtual currency in the future.The IRS previously stated in 2014 that for U.S. tax purposes, cryptocurrencies are considered “capital assets,” like stocks, meaning that capital gains rules apply to any gains or losses in the value of cryptocurrency held by U.S.
The IRS guidance makes clear that the taxpayer does not have income as a result of the hard fork if the taxpayer does not receive units of the new cryptocurrency, and the taxpayer does have gross ordinary income if, as the result of an airdrop following a hard fork, the taxpayer receives units of a new cryptocurrency. The taxpayer will have gross income at the time he or she is able to “transfer, sell, exchange, or otherwise dispose of the cryptocurrency.
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