Tax on Tokenswaps and Mainnetswaps

There has been no official guidance on Tokenswaps or Mainnetswaps from the IRS and as such we recommend that you speak with your tax attorney or accountant about the best way to file your return.

These swaps are where a cryptocurrency moves to a different technology. Providing all tokens on the original blockchain are destroyed and the holder receives the same value of tokens on the new blockchain, there is an argument that a taxable event does not occur.