I think so, we discussed quite a bit of this in depth a day or two ago. You should look back at those post. From what I gathered for initial
drop you pay taxes as ordinary income with the value it was when it entered your account/you received control of it…
IMO
When you sell it you pay capital gains if you sell at more than that initial value that it entered your account…...so yes, a double whammy!”
The catch is if it drops to a fraction of the worth you still owe the ordinary income taxes on the full amount and there’s no way you can take a loss on ordinary income, from what I read and understood on crypto tax websites I looked at. Total BS!
You should see the other peoples thoughts on it though in those past posts from the last 3 days.
GLTY
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