RE: Tax Hacks: White Elephant Airdrop
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I dont think it works like this in the USA. If something is air dropped to you and you can immediately undertake it and move it that's one thing. If it has a power down cycle that isnt instant that's another.
It only counts for a taxable event in the USA, I am not a lawyer talk to one, if you can freely sell or move it.
If it was locked and you cant move or sell it it doesnt count. If indont claim my sps air drop ever it's like I didnt get it for a tax event. It counts once i claim it. That's what I've read in a few places and on irs website.
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Define "claim".
If you fork Bitcoin, there is no "claim".
Everyone with Bitcoin just gets the coins and has immediate access to them with the same keys.
This logic makes more sense with something like Ethereum, where claim-drops are common.
If what you say is true that's legit just another attack vector that can be exploited:
Literally exploit this "claim" logic to create a new token that has massive value and you never have to pay taxes on it. In fact you could destroy assets in one place, and then exploit the claim-drop into another asset. See how this works? It doesn't matter what the rules are. Crypto is going to be able to easily dance around them with ease.
When I say "claim" for the staking thing I mean "it says claim SPS" and if you don't hit "claim" you can't do anything with that balance until you do.
Let's say its 10,000 SPS sitting there you accumulated over a year and you never hit "claim". It's not able to be moved or sold until you hit "claim button" to move it to be under your control.
Yeah they can still exploit it by making it so it is air dropped to you on Dec 31st for example and it's locked until 11:59:58 and at 11:59:59 it unlocks and creates a taxable event, and THEN they can troll you even more by then making it so it locks again 1 second after it was unlocked, and then it's locked for infinite years lol.
So they air drop you 10k usd of some shitcoin that you can't even actually claim to sell and it causes you a tax burden.
See you just brought up yet another attack vector.
Can you see how ridiculous it is that the way the frontend works determine how the taxes works?
What if the frontends of two platforms with the same backend were totally different?
What if two completely different backends had the same frontend?
There are SO MANY WAYS to exploit these rules.