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How you report your activity isn't optional.
If you're mining crypto currencies then each time you mine a new coin (or fraction thereof) you translate that currency to US Dollars at the appropriate spot rate. That becomes that coin's basis and the sum of your mining activity is reported as revenue on Schedule C, from which you deduct your associated costs.
Each time you convert a crypto currency to a different crypto currency (or to US Dollars) you have a reportable sale, long term or short term as the case may be. The basis for the coin is what you paid for it or, if you mined it, the spot rate you used to report the revenue. This activity gets reported using the "Stocks, Mutual Funds, Bonds, Other" interview, telling TT that no 1099-B was received.
Tom Young
How you report your activity isn't optional.
If you're mining crypto currencies then each time you mine a new coin (or fraction thereof) you translate that currency to US Dollars at the appropriate spot rate. That becomes that coin's basis and the sum of your mining activity is reported as revenue on Schedule C, from which you deduct your associated costs.
Each time you convert a crypto currency to a different crypto currency (or to US Dollars) you have a reportable sale, long term or short term as the case may be. The basis for the coin is what you paid for it or, if you mined it, the spot rate you used to report the revenue. This activity gets reported using the "Stocks, Mutual Funds, Bonds, Other" interview, telling TT that no 1099-B was received.
Tom Young
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