Crypto Airdrop Tax Quirks ($)
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| Prices as of 3pm ET | 24hr | 7d |
|
Crypto $2.63T | ↘ 1.2% | ↗ 8.2% |
|
BTC $69,506 | ↘ 1.8% | ↗ 9.2% |
|
ETH $3,491 | ↘ 2.3% | ↗ 4.8% |
By now, I think everyone knows that the tax man is aware of your cryptographically secured coins and wants a slice of your gains.
Given it is tax season in many countries around the world, we know this time of year can be particularly stressful for crypto natives. The U.S. individual filing deadline is fast approaching, so we’ll focus on the IRS rules in this piece. Towards the end of 2023, the new meta was pretty obvious: airdrop farming.
Let’s look at some of the pitfalls of airdrop taxes, how to file your crypto taxes, and some tips to avoid getting rekt by the tax man. 👇
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🧑🌾 Farming Alpha: While ether.fi and Ethena have both conducted their first round of airdrops, Pendle continues to offer insane APYs on their deposit tokens as speculation mounts for a second distribution. Traditional lending markets like Fraxlend, marginfi, and Aave are already offering high interest rates, but you can increase yields by taking on more risk and depositing into Re7’s USDT market providing high amounts of leverage on Ethena’s USDe. Velodrome is offering
Top Opps:
- 🟠 BTC: 10% APY with Fraxlend’s WBTC pool on Ethereum
- 🔵 ETH: 65% APY with Pendle’s eETH (Zircuit) pool on Ethereum
- 🔵 ETH: 64% APY with Pendle’s eETH pool on Arbitrum
- 🟢 USD: 196% APY with Pendle’s USDe PT on Ethereum
- 🟢 USD: 65% APY with Morpho’s USDT vault from Re7 on Ethereum
- 🟢 USD: 29% APY with marginfi’s USDC pool on Solana
- 🟢 USD: 25% APY with Aave’s DAI vault on Arbitrum