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Get your taxes done using TurboTax
I have questions regarding the posts about Coinbase Rewards. I'm at the "other tax situations" screen in TurboTax and realized I hadn't done anything with out coinbase info. We received $42 in Coinbase Rewards and made 4 Coinbase purchases during 2021. We did not sell, transfer, exchange, or dispose of anything. We did not receive a 1099-MISC. For 2021, our Coinbase account shows zero realized gain ($0 converted crypto, $0 sold crypto, $0 spent crypto, $0 advance trading). Our Coinbase account shows Misc Income of $41.94 for the account type "rewards". I saw in the post above that for the Coinbase Rewards, the advice was to use the link to "how do I report a crypto airdrop" to enter the rewards. This directs you to go to the Less Common Income / Misc Income section to basically enter "Coinbase Rewards" and $42. Is this correct in my situation? And what about the TurboTax question in the Wages & Income section asking "Did you acquire, sell, exchange, or dispose of any virtual currency in 2021?"? I do not have any income to report from selling, etc. and I had read previously in other posts that if you only had purchases, you could answer "No" here, which is what I have already done. I just want to make sure I handle this correctly. Do I only report the Coinbase Rewards in Misc Income as stated in the posts above or do I have to go back and answer "Yes" to the "Did you acquire..." and work from there?