pro tip:

sell airdrops soon as possible. When the tokens hit your wallet you owe up to 37% to those gains to the government 

trade to usdc to make the accounting easy then buy back in if you want

the last thing you should do is hold a depreciating asset. At end of the year you still pay the tax on the original gains regardless of the current value

mfer & founder at /farcards and /froggies

https://froggies.pages.dev

I like pleasure spiked with blockchain and music is my aeroplane. It's my aeroplane. @pizzadao underboss & /politics contributor. Featured in "Number Go Up"

yes, airdrops are taxable income and must be reported on specific filing forms

So in the USA airdrop "gains" are calculated at the value when the token hits your wallet?

True. I’ve keeping track with a spreadsheet this year. Although, I’m not too concerned about the fc $7 airdrops losing value.

not knowing this made my 2022 taxes terrifying 

never making those mistakes again lol