HR 3273
Safe Harbor for Taxpayers with Forked Assets Act of 2021
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Bill overview
This bill, the Safe Harbor for Taxpayers with Forked Assets Act of 2021, aims to clarify the tax treatment of ‘forked convertible virtual currency.’ It excludes amounts received from hard forks of virtual currencies from a taxpayer’s gross income and establishes a ‘safe harbor’ period. During this period, taxpayers won’t face penalties if they’re trying to comply with tax rules related to these forks until the IRS provides specific regulations or legislation on the matter. This provides temporary relief while the IRS develops its approach to taxing these new types of digital assets.
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