UTC-05:00,Saturday , October 19th 2019

BM Doubts The IRS Guidance Of Cryptocurrency Tax

20:23 Wednesday , October 09th 2019
As reported by CoinNess.com, the U.S. Internal Revenue Service (IRS) has published its first guidance in five years for calculating taxes owed on cryptocurrency holdings.
On this issue, Daniel Larimer, also known as BM, stated on Twitter, "Based on this, the existence of income on an airdrop depends upon the instantaneous value on receipt, which is 0 in every case I can think of."
"Having deposits on exchange is dangerous because they delay your constructive receipt until after the token has 'value' creating ordinary income. Unfortunately this value must be discounted by liquidity which is ambiguous," he added.