Ripple (XRPUSD)

[MindlessSelf]

I’m not going to get into the passive income side, but a case can be made that the sgb airdrop when it was made had no value therefore no taxable income to declare. You would still have to declare 100% as a capital gain when you do eventually sell

Now I asked a question to a crypto tax guy on flare and this could apply to sgb. You are going to declare your airdrops on your tax return, but you will do it on the form Gift from a foreign entity”. You will declare it, but not pay any taxable income on it. You provided no service or payment for this airdrop. It was gifted to you from a company on foreign soil.

I believe solo and flare are in the UK and I assume you are in US.

By declaring gift from foreign entity you are reporting so there should be no penalty for hiding anything even if you are wrong. On the flip side, you are making the irs aware of something that they may misinterpret and tax you even when you shouldn’t be taxed