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If you've received free crypto on Coinbase or free stocks from a Webull promotion, are they considered to be prize winnings, or is that only for sweepstakes?

 
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1 Reply
GeorgeM777
Expert Alumni

If you've received free crypto on Coinbase or free stocks from a Webull promotion, are they considered to be prize winnings, or is that only for sweepstakes?

Yes, they are similar to a prize winning and therefore need to be reported as "other income" on your return.  The amount to report is the value on the day you received the cryptocurrency or stock.  To report these items as other income, in TurboTax online, follow these steps:

 

  1. go to Income & Expenses,
  2. scroll down the page to the last item Less Common Income, select Miscellaneous income,
  3. then from the list select Other reportable income
  4. you will have to enter the amount you earned plus a short description. 

If you are using TurboTax Online, here are the steps to follow to preview your Form 1040 and see the amount on line 8:

 

       Open or continue your return.

  1. Select Tax Tools in the left menu (if you don't see this, select the menu icon in the upper-left corner).
  2. With the Tax Tools menu open;
  3. Select Tools.
  4. Next, select View Tax Summary in the pop-up.
  5. Then Preview my 1040 in the left menu.
  6. Select Back in the left margin to return to the page where you left off

@robertla484

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