Hi,
I have an account at Gemini (a crypto exchange). I staked $1,000 and, in exchange, Gemini gives me 2.00 GUSD (Gemini Dollar Stablecoin) per month.
I haven't yet converted the GUSD to US Dollars (or other cryptocurrency). Do I need to report the GUSD as ordinary income, or is it only reported when if I convert the GUSD to US $ or another cryptocurrency? If I do need to report it, where do I report it for federal tax purposes?
Thanks,
Jason
