What are the tax implications of using, holding and selling GUAP (or any other crypto)
The IRS considers virtual currencies like GUAP as property any transfer of ownership of that property can trigger a taxable event (similar to when possession of jewelry, a car, or a home is transferred). Please see below several links to resources on what this means for cryptocurrencies like GUAP.
IRS Official Rulings on Q1: Does a taxpayer have gross income as a result of a hard fork of a cryptocurrency the taxpayer owns if the taxpayer does not receive units of a new cryptocurrency? and Q2: Does a taxpayer have gross income as a result of an airdrop of a new cryptocurrency following a hard fork if the taxpayer receives units of new cryptocurrency?: https://www.irs.gov/pub/irs-drop/rr-19-24.pdf
Intuit TurboTax “Tax Tips for Bitcoin and Virtual Currency”: https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q
“Bitcoin Tax Guide”: https://www.doughroller.net/taxes/bitcoin-tax-guide/