Crypto Taxes: the new IRS "guidance"

Recently the IRS issued its first Cryptocurrency Tax Guidance in 5 years. The crypto community has been hoping that this would help clarify taxes around things like hard forks and airdrops, but it seems that confusion persists:
The IRS document reads:
“If your cryptocurrency went through a hard fork, but you did not receive any new cryptocurrency, whether through an airdrop (a distribution of cryptocurrency to multiple taxpayers’ distributed ledger addresses) or some other kind of transfer, you don’t have taxable income.”

Their language here suggests some confusion about the nature of airdrops and hard forks.

Jerry Brito of Coin Center told CoinDesk last week:
“One unfortunate consequence of this guidance is that third parties can now create tax reporting obligations for you by simply forking a network whose coins you own, or foisting on you an unwanted airdrop.”

Crypto Lawyer Sasha Hodder joins me to talk about the guidance issued: none of this is tax advice btw!

We cover things like the IRS' allowance for "first in, first out", which means that you can either identify specific units sold, or use a first in, first out method depending on which is more suitable for your situation. We will also talk about IRS specifically saying it would not create an exemption for transactions below a certain threshold, making day-to-day purchases in crypto difficult.

Recommended Books:

Permanent Record - Edward Snowden
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What has the government done to our money - Rothbard
https://amzn.to/2KMzmcu

Naomi's Privacy Bag: some of my favorite products to help protect your privacy!

Use the Brave browser! https://brave.com/nao076

USB-C to ethernet adapter:
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Lightening to ethernet adapter:
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Faraday bag wallet (signal stopping, to protect your fob, credit card, and phone)
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Data Blocker (if you're charging your phone in an unknown port, use this so that no data is transferred)
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