So I understand that you got interest paid in crypto. You then got a 1099-MISC for the USD value of the interest.
- This is exactly correct.
- The dollar value represents the basis for the crypto that you received.
- The interest (even in crypto) is taxable to you in the year you receive it, just like bank interest.
- When you sell, exchange or dispose of those units of crypto, you will deduct the basis from the selling price.
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