Cynthiad66
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This income is reported as ordinary income using a Schedule C.  If you earn cryptocurrency by mining it, it's considered taxable income and reported on Form 1099-NEC at the fair market value of the cryptocurrency on the day you received it just as if it were self-employment income.  You need to report this taxable income even if you do not receive a 1099 form.

 

Use this link for additional information about reporting income from mining crypto currency

.How to Report Income From CryptoCurrency

 

Self-employed persons, including direct sellers, report their income on Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship). Use Schedule SE (Form 1040), Self-Employment Tax if the net earnings from self-employment are $400 or more.

 

 

In the Desktop Version you can go to Forms View and Click on the Schedule C to report the income.

  1. Open or continue with your return.
  2. In the Search box type schedule c.
  3. Click the “Jump to schedule c” link in.
  4. Answer Yes to Did you have any self-employment income or expenses
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