1040 schedule 1: virtual currency

Do we have to report our Drops to the IRS this year? :roll_eyes:

If you made less than 6,350 drops and you are under age 65, then you do not have to report your virtual currency. That limit is upped to 7900 drops if you are over 65.

Be sure to claim the Bike Credit if you have multiple bikes. Be wary though, any bonus drops you may have gotten from climbing or Ride-Ons will be taxed at a higher rate, usually about 38%.

This post is not meant to give actual guidance. Please consult a tax professional for advice.