JohnB5677
Expert Alumni

Deductions & credits

Although you didn't dispose of the currency, you acquired it from something other than purchasing it.  You may have received it for services, an Airdrop, or a hard fork.  In any case it is taxable.

 

Airdrops and hard forks are taxed as ordinary income, at the market value the asset had when you received and took full control of it. So, if you receive tokens from an airdrop—whether you wanted to or not—you must report them on your tax return.

 

To include this on your return:

  1. Go to Federal
  2. Wages and Income
  3. Scroll down to Miscellaneous Income
  4. Select Other reportable Income from the Drop-Down
  5. Follow the Interview

 

 

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