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RE: Crypto & Tax: Why it matters and what you need to know – Intro to Series
I'm fascinated to read part 2. I'll be even more fascinated if the IRS issues actual guidelines for determining the basis of forked coins. (Such as: which is the forked coin. Cue INTERNET ARGUMENTs.)
Thank you, you are absolutely right, is a forked coin separate unit of property or an extension of the previous property? How is the cost basis for the initial BTC purchase allocated between the two cryptos post-fork? I didn't want to be quick to conclude in the Part I-A section that is coming up, so I moved it down the line to Part II.
Best, CryptoTax