Intuit TurboTax guide into IRS virtual currency taxesAOL #Virtual_CurrencyNovember 8, 2019
Since then, virtual currency has continued to evolve sparking many questions about if and how various virtual currency transactions should be taxed, like what happens when you receive an airdrop following a hard fork or what happens when you donate virtual currency to a charitable organization.
Yes, when you exchange virtual currency held as a capital asset for other property, including goods or for other virtual currency, you will recognize a capital gain or loss.
Will I have to recognize income, gain, or loss?
If you donate virtual currency to a charity, you will not recognize income, gain, or loss.
One of my cryptocurrencies went through a hard fork but I did not receive new income.
No, if you did not receive new crypto, whether through an airdrop or another kind of transfer you don’t have taxable income.
What if my cryptocurrency went through a hard fork followed by an airdrop and I received new crypto?
Yes, you will have taxable income which will be taxed as ordinary income equal to the FMV of the new crypto when it’s received and the transaction is recorded, provided you have dominion and control over the cryptocurrency so that you can transfer, sell, exchange, or otherwise dispose of the cryptocurrency.
You should receive a Form 1099 or Form W-2 to report your cryptocurrency transactions, but even if you don’t receive a form, you need to report your taxable transactions on your tax return.
And the uploaded .csv files will include the cost basis of your transactions (if available), so TurboTax Premier can easily help you account for your gains and losses and report your cryptocurrency transactions.
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