Coins From Crypto Hard Forks Create Taxable Income

The Internal Revenue Service released its newest FAQ and guidelines on taxing US nationals for crypto transactions. The updated guidelines may come as a surprise to those that once rejoiced because of hard forks and the “free” coins that came with them. Is a Hard Fork Really Income? Outside of the already established rules for declaring short-term or long-term capital gains, the IRS believes coins originating in a hard fork created taxable income for the year in which the coins were received. IRS cryptocurrency guidance! “If a hard fork is…

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Bitcoin Price (BTC) Holding $8K and Likely To Bounce Back

Bitcoin price formed a high near $8,348 and recently corrected lower against the US Dollar. The price is currently trading near the $8,120 level and it could test $8,050 or even $8,000. There is a short term contracting triangle forming with resistance near $8,160 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price is likely to remain well bid above the $8,050 and $8,000 support levels in the near term. Bitcoin price is slowly declining below $8,200 against the US Dollar. However, BTC is likely…

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Dow Futures Wobble as U.S.-China Trade War Escalates Ahead of Critical Talks

Futures on the Dow Jones Industrial Average (DJIA) posted narrow gains in aftermarket trading Wednesday, as the threat of an escalating trade war between the United States and China knocked markets off course. Dow Futures Rise; S&P 500, Nasdaq Follow Futures contracts on all three major U.S. indexes rose slightly in overnight trading, with the […] The post Dow Futures Wobble as U.S.-China Trade War Escalates Ahead of Critical Talks appeared first on CCN.com

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