Taxes on other crypto income from hard forks and airdrops?

Hard forks and airdrops are also to be treated as income as per IRS guidance. The government has clarified that the amount of income you recognize is equivalent to the fair market value of the crypto when received. The receipt date is the time of the transaction on the ledger/blockchain. Crypto received as income has a cost basis of the fair market value of the assets when received. In addition to calculating capital gains, Catax Crypto tax software also calculates your income tax in fiat equivalent, so you can report it on your tax return.