JohnB5677
Expert Alumni

Get your taxes done using TurboTax

If you earn cryptocurrency by mining it counts as part of your regular taxable income. You owe tax on the entire fair market value (converted to USD) on the day you received it.

 

If you did not have any expenses associated with the payment, you can post it to Miscellaneous Income.

 

In Desktop go to 

  1. Wages and Income
  2. I'll choose what I work on
  3. Scroll to the bottom Less Common Income
  4. Select Miscellaneous income
  5. Select Other income not reported on a Form W-2
  6. Under Other Wages Received select Yes
  7. Continue to Any other earned income  Yes
  8. Select Other
  9. Post the Description and Amount

 

 

@Bassement_Buzzardk on

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