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Earned tokens from tasks-sent tokens (no funds) to earn more. Is taxable event when I sent the tokens/when cash out from earnings? Also purchased tokens-same question?
I could not type it all in exactly. To file next year, I like to know before moving too far along. I earned and purchased some digital tokens, but I did not dispose any for gain or loss. After earning and purchasing some, I sent the tokens to earn more tokens. Is the taxable event when I sent the tokens or when I actually dispose of the tokens for a loss or gain? Also, there are upgrade options where I will need to send tokens to upgrade, the upgrade is to earn more tokens. In this situation, when is the taxable event (on the upgrade amount which has no dollar value just the number of tokens or when I cash out from all earnings at a gain or loss)? Thanks Turbotax Community!
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March 19, 2022
8:45 PM