The IRS (IRS) considered bitcoin cash levy personal income tax (BCC)
According to tax experts, the IRS (IRS) may be considered bitcoin tax cash this year. Some bitcoin cash income may be levied up to 39.6% tax rate.
Bitcoin may be viewed as cash income
In August 1st, the bitcoin network division, bitcoin holders receive bitcoin bitcoin cash equivalent. However, the IRS will consider the tax on new crypto currency. The IRS may consider Wall Street on Friday when bitcoin cash levy personal income tax. Tax experts said, “there is no guidance on how to deal with the sudden bitcoin cash receipt.” The news media said the IRS refused to comment on the matter.
Green founder and CEO of the company’s registered accountants RobertA.Green said: “the IRS has issued guidance — the use of encryption currency method realized capital gains and losses with intangible assets for investors — but it is not yet released on encryption currency split guide”. He later pointed out that in the eyes of the IRS, bitcoin cash should accept the individual income tax. It added: “bitcoin holders should be in the 2017 tax receipt report bitcoin cash.”
Some bitcoin holders delayed bitcoin cash handling or some exchanges do not support it, which resulted in the birth of BCC after receiving the created difficulties. However, the IRS can apply for the construction of income receipts, think bitcoin holders can get bitcoin cash”.
A DDT (Deloitte) JimCalvin buyer tax expert believes that due to technical reasons, this year received bitcoin cash may be taxed.
The Wall Street journal explained: the receiver can obtain the ordinary income, although the amount is not clear. It can bitcoin cash issue when the cash value based on, or when investors can trade…… The receiver bitcoin cash this year’s tax rate could be as high as 39.6%. If there is 3.8% of the net investment income tax is not clear.
Bitcoin cash may be deemed “the division of property”
The Wall Street journal pointed out, “on the other hand, the IRS may consider receiving BCC as the” division of property. In this case, usually there is no tax, until the sale or transfer of BCC holders have the tax.
International Law Corporation LockeLord said, “if IRS take a similar approach to the BCC stock split, so there is almost no need to consider any tax issues.”
According to the provisions of IRS, “the stock split does not constitute a taxable event”.
IRS is not the focus of bitcoin cash
At present, IRS is busy against those who use digital currency for tax evasion, instead of the holder of the BCC tax. Recently, foreign media reported IRS Chainalysis buy bitcoin survey software to detect potential money laundering and tax evaders news.
In addition, IRS is also working to search customer information in Coinbase. In July this year, the agency requested Coinbase to hand over the exchange in a period of 2013-2015 years, a single transaction is greater than the customer information and transaction data of $20000.