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Cost base of mined crypto if AGI is below income threshold
Let's assume my known AGI for 2019 is $7500 of wages income and my income threshold for federal filing was $12000. I could have skip the filing, but let's assume I filed a federal return reporting the $7500.
One year later I found out that in 2019 I also had a $2000 taxable income from hobbyist crypto mining.
Was I required to report the $2000 income on my 2019 return, since I reported another income?
Am I required to file an amended return for the year 2019 reporting the additional income, if I want to avoid consequences?
Would the cost base of the 2019 mined crypto change depending of whether I file the amended 2019 return?
March 26, 2021
10:39 AM