'How Do I Win the 'Game' of Income Tax in the USA?' by indexcoop indexcoop taxes
applies to individuals running their own business , working as freelancers , or working as independent contractors .
The INDEX price that you should use is the market price when your rewards are claimed or distributed to your web3 wallet.# of INDEX Tokens * Current Market Price = Monthly Taxable Income The same reasoning applies if the market price of INDEX is lower than the 20-day rolling average, meaning that your monthly taxable income could be lower than the nominal amount allocated to you when rewards are published.
If you sell those tokens when the market price is $30.00, then you’ve earned a $200 capital gain on a per token basis. If you think that the price of INDEX will fall, it may make sense to wait and claim your rewards when the market is down so that you realize less taxable income. For Capital Gains Taxes: Keep detailed records of the monthly rewards that you claim as well as your basis in each batch of tokens.
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