I earned about $200 worth of interest income in the form of GUSD, a stable coin (cryptocurrency) with the Blockfi savings account in 2022. Since the interest amount was <$600, Blockfi did not issue 1099-Misc. I did not have any other crypto gains in 2022, only the interest from the funds parked in Blockfi savings account.
Late in 2022, I withdrew all of my parked funds from Blockfi GUSD to my bank account USD. I received 1099-B from Blockfi with cost basis same as proceeds for all of my parked funds including interest income. This makes sense as there were no additional gains from the account.
Three questions:
1. I should report interest income as 'Miscellaneous Income' in the 'Less common Income' section, correct?
2. Since I received 1099-B, I enter the short term and long term proceeds and cost basis as specified in the 1099-B. And this goes in as 'Stocks, Bonds, Others' in the 'Investment Income' section, correct? Proceeds and cost basis are same value as they were withdrawals.
3. Anything has to be physically mailed to the IRS regarding these crypto withdrawals/interest?
@JohnB5677
