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Get your taxes done using TurboTax
If your 1099-MISC shows a figure in box 3, Other income, you are supposed to enter it in as Other Income.
I understand that may feel wrong to you, but the IRS considers crypto currencies as property, not as currency, since they are not backed by a Centralized authority. And, yes, I know that is the whole point of crypto.
Under current IRS guidance, only sales of crypto assets are treated like investments.
Here is how to enter your 1099-MISC box 3 amount:
- Select Federal on the left side menu.
- Select Income and Expenses toward upper left.
- Expand/ scroll down the list and find the section called, Less Common Income.
- Scroll all the way down and select Miscellaneous Income, 1099-A, 1099-C.
- Select Other reportable income.
- Answer the first question Yes.
- Enter a description and amount on this page, click Continue.
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‎February 15, 2022
4:09 PM