Because you received this crypto for writing blog posts, it is reported as self-employment income.
You are supposed to report the value at the time you received the crypto as your "earnings". Later when you sell or convert the crypto, your basis will be the amount you reported as taxable income.
To report your self-employment in TurboTax Online:
- Select Federal on the left side menu.
- Under Wages & Income, find Self-employment income and expenses.
- Select Start/Edit to the right.
- Work your way through the section to report your earnings and any related expenses.
If you are using TurboTax Deluxe Desktop (from a disc or download), you can enter self-employment income here:
- Open your return and select the Federal Taxes tab.
- Select Wages and Income on the second tier of tabs.
- Select I'll choose what I work on, on the right.
- Scroll down to Business Items near the bottom of the list.
- Find Business Income and Expenses (Sch C), click Start to the right.
- Answer the first question Yes.
- You will be asked to upgrade, but you can select Continue in TurboTax Deluxe.
- Enter your business income and any relevant expenses on the screens that follow.
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