I am under 65, single.
For the Tax Year 2017 I filed a Federal return reporting an AGI of $7500. (That came from 1099-INT and other MISC income not related to crypto)
During the same 2017 year I bought a mining contract that generated $2400 income.
I did not know exactly how to calculate and handle that income and I did not report it.
(I know that income value number now, thanks to the general availability of crypto tax software)
So for the year 2017 my total AGI including crypto was $9900, but I declared $7500.
In 2019 I moved the generated virtual currency from a private wallet to a Coinbase account.
(I assume no taxable event in this transaction)
Questions:
1) Should I still file an amended 2017 return and include the crypto property income? My AGI would still be below the filing threshold, isn't that correct?
2) If I file the amended return, the new cost basis of the virtual currency would be the $2400, correct?
3) If I am not required to file and I do not file an amended return, what is the cost basis of the virtual currency that sits now in my Coinbase account?
