Corrected: RR-2019-24

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October 9, 2019

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Issue Number: RR-2019-24

Inside This Issue

RR-2019-24 addresses the tax treatment of hard forks of cryptocurrency in which no new cryptocurrency is received by the owner of the original cryptocurrency from an airdrop following the hard fork, as well as the tax treatment of cryptocurrency hard forks that are followed by an airdrop of units of a new cryptocurrency to owners of the original cryptocurrency. Rev. Rul. 2019-24 provides that a hard fork not followed by an airdrop of units of a new cryptocurrency does not result in gross income to owners of the original cryptocurrency. Rev. Rul. 2019-24 further provides that a hard fork followed by an airdrop of units of a new cryptocurrency results in gross income to the recipients of units of new cryptocurrency from the airdrop.

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