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

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

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

income is realized when the tokens are received

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

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

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