I only mine on "Nicehash" and then withdraw the crypto to a "Ledger" external wallet as a business. I live in the USA. So, this can only be reported as Schedule C on my taxes.
I have already tried 5 different crypto tax softwares before and NONE of them can generate a Schedule C so I can import it to my TurboTax.
These are the 5 crypto tax softwares I have tried:
1. Cointracker
2. Koinly
3. Cryptotrader
4. Coinpanda
5. Accointing - Doesnt support Nicehash
All 5 of them above can only generate either a Form 8949, Schedule 1, Schedule D but NOT Schedule C.
What is more weird is that they each have a different total mining income number for 2021 after syncing my Nicehash 2021 account with them.
Can anyone recommend me a Crypto Tax Software so I can generate a Schedule C form from my NiceHash/Ledger accounts?
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Crypto tax software can not generate a Schedule C in TurboTax (or any other tax software). It will provide you with the information needed to complete only a portion of a Schedule C. You will have to prepare a Schedule C by entering your crypto business information manually.
To enter your self-employment Schedule C crypto information in TurboTax follow these steps:
So, how am I supposed to import the exact Nicehash BTC-mining-rewards I get credited into my account every 4 hours? Each of them needs to be entered individually... so there are hundreds of transactions from year 2021 that sums up to my Schedule C mining income.
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