Thanks for the answer, Julie.
Please let me restate so I can confirm I understand correctly.
So I will take these monthly amounts I have for crypto paid, look up the value of the crypto for the specific month, convert it to dollars, then add up all these figures for my yearly income with this blogging service?
That seems easy enough. I assume I should then save this spreadsheet with all the conversions just in case I need it later.
I don't quite understand this: "Later when you sell or convert the crypto, your basis will be the amount you reported as taxable income. "
What is a "basis"? Forgive me for a silly question. I have never sold crypto before so I don't know. So then in the future, if I convert/sell this crypto I will report both a "basis" value (which is what the dollar value was when I made it?) and presumably a "trade" value, being the value of it when I sell/exchange. Is that correct?
