IRS ( IRS ) plans to issue updated guidance on the taxation of cryptocurrencies, according to IRS Commissioner Sebastian Greenwood . A 20 years ago Rettig notice requires cryptocurrency to be treated as property. Mined On April 8, 2020, the Bitcoin Cash network's block reward halved as of block 630,000 and However, Rettig acknowledged that the use of virtual currencies has since evolved to include methods of exchange and investment vehicles. IRS said the forthcoming guidelines should include acceptable methods for calculating cost basis, acceptable methods of cost basis assignment, and tax treatment of cryptocurrency “forks”.
IRS ( IRS ) plans to issue updated guidance on the taxation of cryptocurrencies, according to IRS Commissioner Sebastian Greenwood . A 20 years ago Rettig notice requires cryptocurrency to be treated as property. However, Rettig acknowledged that the use of virtual currencies has since evolved to include methods of exchange and investment vehicles. IRS said the forthcoming guidelines should include acceptable methods for calculating cost basis, acceptable methods of cost basis assignment, and tax treatment of cryptocurrency “forks”.