GiseleD
Expert Alumni

Business & farm

@aaron5596

 

The $1665.09 is the both the SE income and the cost basis, correct.

 

The FMV of the BTC on the date of the sale of $1632.40 is the Proceeds of the sale. The proceeds are what you received for the transaction, and the $32.69 is your loss. The software will automatically calculate the gain/loss for you; you don't need to enter the $32.69 anywhere.

 

The date of purchase is indeed the date you received it for your self-employment services.

 

The fees charged by the exchange for the sale back to fiat (USD) are actually added to the cost basis ($1665.09). Please keep good notes on how you calculated this in case you are examined by the IRS.

 

Hope this helps!

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