Tokens delivered to a wallet without a purchase. The IRS treats an airdrop as ordinary income at its value when you gain control of it; that value becomes your cost basis for a later sale.
Airdrops are income whether or not you asked for them, at the fair market value when you gained the ability to transfer, sell, or exchange the tokens. That value is also your cost basis, so a token that drops to zero afterward produces a capital loss only if you actually dispose of it.
If you had the ability to control them, the IRS position is that they were income when received. Tokens you could not access, for example locked or unclaimed, are generally not income until you can.
Last reviewed September 10, 2026. Tax rules change; confirm current law before acting.
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