I am confused as to how the following should be reported: I received $8.78 in free crypto in 2024, all of which was sold. I received a 1099-MISC for the $8.78 income. On my 1099-B, the free crypto is included in my cost basis and sales proceeds. I am currently reporting the 1099-MISC as well as the 1099-B without changes. Is this correct? My thinking is I received the free crypto and thus would report it as income on the 1099-MISC. Anything I did with it later, such as using it in a transaction would be a completely separate transaction. Do any adjustments have to be made? Also, is $8.78 considered immaterial by the IRS?
Thank you.
