@beachmfer.eth on Farcaster: "pro tip: sell airdrops soon a..."

6mo

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

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

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I should have wrote “income” not “gains”, gains only need to be reported if you sell

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So is income realized upon receipt of the original token or only when you sell it?

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income is realized when the tokens are received

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@dwr 👀

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Dwr would hate this

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Important facts

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karsaorlongdong

What are taxes?

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

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not knowing this made my 2022 taxes terrifying never making those mistakes again lol

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