rjs
Level 15
Level 15

Get your taxes done using TurboTax

I believe you have two separate transactions that both have to be reported on your tax return.


Transaction 1: You received crypto as payment for your work. That is business income on Schedule C. You report it like any other business income. The amount of the income is the value of the crypto at the time that you received it. Apparently you did not receive any reporting form, such as a 1099-NEC or 1099-MISC, from the person or company that paid you for the work. But as I am sure you are aware, you still have to report the income.


Transaction 2: You sold the crypto. That is an investment sale. The 1099-B from Cash App reports this investment sale. You have to report it as an investment sale on Schedule D (probably with Form 8949). Your gain or loss on the sale is probably zero or very close to zero, but you still have to report the sale.