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s_harizanoff
Level 2

I received cryptocurrency from a hard fork and crypto earnings in 2019. How should I report this?

How exactly crypto earnings are entered on TurboTax, since there is a date of acquiring but not a date of sale? Assets are just sitting in the exchange.
3 Replies
fanfare
Level 15

I received cryptocurrency from a hard fork and crypto earnings in 2019. How should I report this?

if assets are acquired and held, not sold, there is nothing to report and nothing to do except check the box that says you engaged in virtual currency activities.

s_harizanoff
Level 2

I received cryptocurrency from a hard fork and crypto earnings in 2019. How should I report this?

That would be a case if you bought crypto. If you ACQUIRED currency from an air drop, hard fork, Coinbase earn or rewards this is a TAXABLE EVENT!!! It's like prize money. It should be reported as "Other taxable income" and you should enter each crypto one at the time and the amount you received.

For example: you enter under the description:

Coinbase Earn "EOS"

Amount: $2

And so on...

 

s_harizanoff
Level 2

I received cryptocurrency from a hard fork and crypto earnings in 2019. How should I report this?

You should enter crypto received from hard fork, Coinbase earn, air drops, rewards,etc. as "Other taxable income ". Don't listen to people who tell you you don't have to report this. It's like prize money, which is a taxable event. If you buy crypto and hold it, this is a completely different situation and you report it when you sell this asset. 

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