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| Users Online Now: 2,501 (Who's On?) | Visitors Today: 1,197,967 | |
| Pageviews Today: 2,309,623 | Threads Today: 1,077 | Posts Today: 20,199 |
| 11:48 PM | ||
Spark Token Airdrop Comes With A Tax Bill | |
| Anonymous Coward User ID: 73339793  United States12/15/2020 12:38 PM Report Abusive Post Report Copyright Violation | Spark Airdrop Taxes According to the IRS Rev. Rul. 2019-24, air dropped tokens are taxed as ordinary income when you gain dominion and control over it. In simple terms, this means at the time you receive them and you have the ability to transfer, exchange or sell the coin. The amount of ordinary income to be reported is the fair market value at the time you gain dominion and control. This amount would be subject to ordinary income taxes based on your income tax bracket. For example, say you received 1 Spark token on December 12, 2020. On this day it’s worth $1. However, you don’t get any control over the coin until January 1, 2021. On this date, 1 Spark token is worth $3. January 1st is the day you gain dominion and control of the asset. Therefore, you would have to report $3 of ordinary income in 2021 taxes. If you were to sell this in February for $5, you would have a capital gain of $2 ($5 – $3) [link to www.forbes.com (secure)]  - - - - - - |
| Anonymous Coward User ID: 75857747  Mongolia12/15/2020 12:44 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 78242177 United States12/15/2020 01:19 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 79196571 United States12/16/2020 12:49 PM Report Abusive Post Report Copyright Violation | |
