Are XRP rewards regarded as income for tax purposes?

Meaghan
Meaghan
  • Updated

We are not tax experts. This should not be considered tax advice and we encourage you to seek out expert advice particular to your situation. We have been advised that XRP rewards are treated as airdrops, so any realized gains will be subject to tax. The cost basis for these taxes will be the price of XRP when it was paid into your Rewards Wallet. You will get a 1099 form from Uphold at the end of the year.

 

Please watch this video for more information: https://www.youtube.com/watch?v=WcCgcYInID4

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