Another scenario that causes lots of confusion and pain is airdrops. Airdrops are typically taxed at fair market value of receipt. So if you were airdropped 10 BTC for a total price of $100,000 on November 10, your taxable income would go up by that amount immediately. Even if you sold those 10 BTC the next day for $90,000, you would still report income of $100,000 and a capital loss of $10,000. Since the IRS only allows you to deduct $3,000 of capital losses every year, in this scenario, you can roll over the remaining $7,000 in future years.