Yes, in addition to the Schedule D for the sale of Cryptocurrency you will also be claiming income for your mining operation.
If you earn cryptocurrency by mining, it counts as part of your regular taxable income. You owe tax on the entire fair market value of the crypto on the day you received it, at your regular income tax rate.
Crypto mining can be taxed as either a Hobby or a Business
To post as a Hobby:
With your return open, go to Federal
- Wages & Income
- Less Common Income
- next to Miscellaneous Income, 1099-A, 1099-C
- Select Other Reportable Income
- Answer Yes on Any Other Taxable Income? Screen
- Continue through the interview
To Post as a Business:
If you have a business, it can be entered directly into the business income section of the return.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
