Crypto received as a form of income will be treated two ways for tax purposes.
1. As taxable income at the fair market value at the time it was received.
2. As capital gains loss once you dispose of it (sell or trade)
So in this case, you had taxable income of $650 from receiving it, and capital gains for every time you sold some of the held cryptocurrency.
An easy way to track all of this, and to automatically determine capital gains/losses and fair market value is to use a one of TurboTax's cryptocurrency tax partners.
