IRS releases new cryptocurrency tax guidance on hard forks, lot relief and more

On Wednesday, October 9, 2019, the IRS released two important items addressing key tax questions that arise in connection with cryptocurrency (such as Bitcoin, Ethereum and more) sold, exchanged or received by taxpayers: Rev. Rul. 2019-24 regarding the tax consequences of hard forks and a Virtual Currency FAQ containing 43 questions. The last substantive guidance on cryptocurrencies issued by the IRS was Notice 2014-21, over five years ago. Read our expert analysis.