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Get your taxes done using TurboTax
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.
- Open or continue with your return.
- In the Search box type schedule c.
- Click the “Jump to schedule c” link in.
- Answer Yes to Did you have any self-employment income or expenses
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