Flare Drop

cat37 — Wed, 11 Feb 2026 05:05:34 GMT

Hi, how should the Flare drop be entered into TurboTax? Thanks!

Re: Flare Drop

RobertB4444 — Thu, 28 Mar 2024 19:08:46 GMT

Flare drop is taxed as income at the currency value on the date that it is received. So you'll need to track the date of the drop (or the date after the drop in which you gained control of the currency that you received) and the value of the currency on that date. You'll enter this in as self-employment income.

That value also becomes the basis of the crypto going forward so if you sell it you will enter that amount as the price that you paid for it.

@cat37

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Flare Drop

Re: Flare Drop