- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Cryptocurrency sales from mining business
Starting in 2018 I mined cryptocurrency. I did this under a self-employed business model. I paid income tax on the mining rewards. I claimed business expenses accordingly. I also used capital to buy cryptocurrency directly.
In 2020 I sold some of that mined cryptocurrency and directly purchased cryptocurrency.
Do I report this under "Sale of Business Property" > "Sales of Business or rental property that you haven't already reported" > Form 4797?
I have done the calculations and have them separated into mined long term, mined short term, bought long term and bought short term.
OR
Do I report these as Form 8949 on personal side?
I used a cryptocurrency tax processing site to calculate and tried the TT import and it put it under personal. I don't know how to import the information on the business side.