GiseleD
Expert Alumni

Get your taxes done using TurboTax

You have the option of contacting the payer and seeing if they will re-issue this on a 1099-INT. However, they probably will not. Considering the nature of the crypto space, you're lucky you received a tax form, period. Sounds like staking income, but without details, I can't be sure of the specifics.

 

Absent a 1099-INT, I strongly recommend going with self-employment income on this. The upside to this is that you can deduct ordinary and necessary expenses against this income. In your case, maybe you had a TradingView or other technical analysis software membership that you relied on when researching this asset. Maybe there were fees from the exchange on which this income was earned. Maybe you had a membership to a trading group. All these are common expenses in the crypto space. If so, you can deduct these against this income if you report it as self-employment. 

 

 

@RandomDude34345

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