Yes, you should report this as income. The amount of income you'd report is equal to the fair market value of the new cryptocurrency when it's received,
and you have control over it. You may debate the time of control, however, it is physically in your account, and technically available to you.
Once you have the USD values, here's how to enter it into TurboTax:
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?
- Continue through the interview
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