RaifH
Expert Alumni

Get your taxes done using TurboTax

No, this will not create problems in the future. It sounds like Celsius is importing all transactions to the 1099-B. As @JohnB5677 correctly said, this is not where your miscellaneous income should be reported, and you should go through your 1099-B before you import it to TurboTax and delete any transaction that is marked interest. 

 

You will then report that interest using the method as miscellaneous other income as outlined above using the 1099-MISC that Celsius sent to you. That way it will only show up once on your tax return, in the correct area. 

 

You will want to keep track of your cost basis and acquisition dates of all your holdings, either through your own records or through Celsius or other third-party software. For example, if you received interest in 2021 and reported that using the 1099-MISC, you will want to keep track of the date you earned that interest and the value in US dollars at the time it was earned. That way if you later sell it in 2022, you know how much to report as a gain or loss and whether it was long-term or short-term.