Degen

Does airdrop 1 count as self employment income, capital gains, or a gift? help pls 🫠

🕯️They/them. Scaled cos from 0-$300k in arr, 7-35 employees, 0-100k users. Now I’m making joyful candles at humankindcandles.com

Senior Security Engineer at EliseAI | Cybersecurity M.S. Candidate at GA Tech

Luckily I’m in Canada and gifts aren’t taxable 😜

Way too many people are cavalier about paying crypto taxes in this thread. If you’re in the US the IRS has contracts with firms like Chainalysis to hunt down crypto tax evaders. Do not mess with the IRS.

Se siente mejor y no. Puedo amar más y más que antes. Lo que ella ha dicho siempre importa. 

Cambia de cuerpo, altera la mente, pero me arrodillo igual. ¡De ro

Where’s the airdrop tax calculator frame? And, the filing cast action?

Naw, cause the “second time” you get taxed is only on the difference between the “first time” and when you sell it. Your cost basis for capital gains is the value of $degen when you first got it airdropped.

It’s counted as ordinary income at the price of the time of the airdrop. Any you sell after is capital gains.

I have a corporation, I'm putting this into income bracket.

Income unfortunately but then again don’t ask don’t tell rule could be applied 😆(jk)