Deep Dive Episode 49 – How Should the IRS Handle Cryptocurrencies?
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Cryptocurrencies have been around for 10 years, but there remains significant ambiguity in the tax consequences of their use. A recent report by Coin Center identifies six of those ambiguities and recommends approaches to resolving them. James Foust, the report’s author, will provide an overview of what is and is not known, and suggested actions that Congress and the IRS could take to fill the gaps. Topics covered will include:
- What guidance the IRS has published to date;
- Calculating the fair market value of cryptocurrency;
- Determining the cost basis of cryptocurrency dispositions; and
- Tax implications of network forks and airdropped tokens.
Senior Research Fellow, Coin Center