What are the tax reporting requirements for cryptocurrency airdrops in the VMFXX?

1 answers

• Nov 23, 2021 · 3 years ago
  As a third-party platform, BYDFi does not provide tax advice. However, when it comes to tax reporting requirements for cryptocurrency airdrops in the VMFXX, it's important to understand that airdrops are generally considered taxable events. The fair market value of the airdropped cryptocurrency at the time of receipt needs to be reported as income on your tax return. It's crucial to keep accurate records of the airdrops you receive, including the date of receipt and the fair market value at that time. If you have any specific questions or concerns regarding tax reporting, it's recommended to consult with a tax professional or accountant for personalized advice.
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