IRS Tax Update for Crypto Investors and Users

IRS Tax Update for Crypto Investors and Users

On October 11, 2019, the Internal Revenue Service (IRS) published its first ruling in five years regarding cryptocurrencies, offering guidance on taxation when these digital currencies split and asserting that they be treated as capital assets. In Revenue Ruling 2019-24 , the agency told investors that every digital currency transaction will be treated as a capital transaction for tax purposes.