Why is an Airdrop NOT a gift?

[Twostates]

Why is an Airdrop considered income at time of receipt and not a gift ? (Especially if not sold)

[Anonymous]

Much like any other "promotional item" you might receive such as a blender for opening a bank account, the airdrops are taxable to the recipient.  

It is generally not the case that any item of value received from an entity can be considered a gift.  A non-taxable gift comes from an individual that, typically, you personally know. 

[DianeW777]

Airdrops are free coins that are sent to your wallet. However they are not a gift for tax purposes but rather marketing incentives which is considered income. 

The IRS states that new coins received through an airdrop are taxed as ordinary income, meaning the income is taxed at your regular tax rate. The amount of income is the fair market value in United States Dollars (USD) of the airdropped coins when they are received in the wallet.  You can find sites that will provide the UDS value by searching with your web browser.

The IRS has specified that new coins received through an airdrop are taxed as ordinary income. Therefore, you owe income taxes on new coins you have in your wallet as a result of an airdrop (regardless of whether you intended to own these coins or not). 

• IRS Cryptocurrency FAQs

[Critter-3]

Now here is the upside ...since  you have paid taxes on the coin value when you got the coins so that becomes your basis when you sell them so you don't pay taxes on the basis twice. 

[Twostates]

What happens if the airdrop received in January drops in value by 80% and is sold at a loss or not sold at all.

is the quarterly estimated tax due on the income amount of the airdrop when received?  if so where does that actual money come from ?

That means the effective tax rate is like 70%