Blockchain deposit
The cost basis for cryptocurrency in value or a loss, fees and money you paid. We also reference original research.
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The cost basis for cryptocurrency in value or a loss, fees and money you paid. We also reference original research.
Taxpayers can also elect to use Specific Identification. For federal tax purposes, virtual currency is treated as property. You have received the cryptocurrency when you can transfer, sell, exchange, or otherwise dispose of it, which is generally the date and time the airdrop is recorded on the distributed ledger. Individuals Log-In. The IRS distinguishes between a donation and a gift for tax purposes dependent on who receives the cryptocurrency.
