releases: https://schweikert.house.gov/media-center/in-the-news/us-lawmakers-ask-irs-clarify-crypto-tax-rules-around-airdrops-forks-new
Data license: MIT · Data source: dwillis/congress-press
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| https://schweikert.house.gov/media-center/in-the-news/us-lawmakers-ask-irs-clarify-crypto-tax-rules-around-airdrops-forks-new | US Lawmakers Ask IRS to Clarify Crypto Tax Rules Around Airdrops, Forks in New Letter | 2019-12-20 | 2019 | 2019-12 | Republican | House | AZ | David Schweikert | S001183 | schweikert.house.gov | legacy | According to a letterpenned by Representatives Tom Emmer (R-Minn.), Bill Foster (D-Ill.), David Schweikert (r-Ariz.), Darren Soto (D-Fla.), Lance Gooden (R-Texas), French Hill (R-Ark.), Matt Gaetz (R-Fla.) and Warren Davidson (R-Ohio), the Internal Revenue Service's (IRS) latest guidance clarifies some aspects of the tax treatment for cryptocurrencies, but leaves much to be desired. Friday's letterwas first sharedby industry think tank Coin Center. The IRSpublished guidancearound taxing cryptocurrency holdings in October, addressing cost basis and forks, two long-standing questions the crypto community has had. However, the new guidance raised a number of new questions, particularly around airdrops and unwanted forks. There was also no de minimis exemption for small purchases, such as a cup of coffee. Friday's letter pointed to these unwanted forks and airdrops as one major area of concern, noting that the current guidance appears to suggest that individuals are liable for taxes on any cryptocurrencies they gain as a result of a hard fork or airdrop, regardless of whether or not they're aware they received these cryptocurrencies. "This creates potentially unwarranted tax liability and administrative burdens for users of these important new technologies and would create inequitable results," the letter said. "We do not expect this is the intended effect of the guidance, and we urge the IRS to clarify the matter." The letter specifically asks: The letter also said the congressmen are "concerned that the form of the guidance appears to indicate that this is 'established' law." The congressmen wrote that they hope the IRS continues to treat crypto as a "new and developing" area, and hope that the questions listed are answered "as soon as possible." The IRS has been ramping up its efforts in taxing crypto transactions, writingletters to exchange userswarning they may need to restate their earnings andadding a question about cryptocurrency in its Form 1040. Friday's letter isonly the latestin a series sent by lawmakers to the IRS asking the agency to clarify how it is approaching the space. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |