How do I report self-employment income if that income was in the form of cryptocoin ie: Etherium? Self-employment was selling digital art NFTs and paid Eth

As title: Self employement was creation of NFT art, which was paid in the form of crypto currency. I am unsure how to report this income while also doing expenses for home office.

279

Expert Alumni

Mar 10, 2022 12:53:20 PM

You report this income as self-employed income.

If you were paid in cryptocurrency, for tax reporting, the dollar value that you receive for your goods or services is equal to the fair market value of the cryptocurrency on the day you received it.

Please read this TurboTax article for more information.

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How do I report self-employment income if that income was in the form of cryptocoin ie: Etherium? Self-employment was selling digital art NFTs and paid Eth