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Returning Member
posted Apr 8, 2022 11:24:41 AM

Which crypto tax software can generate a Schedule C from Nicehash and Ledger? I have already tried 5 different ones...

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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2 Replies
Expert Alumni
Apr 8, 2022 12:10:04 PM

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:

  1. Open or continue your return
  2. Search for schedule c and click the Jump to link in the search results
  3. Answer Yes to Did you have any self-employment income or expenses?
  4. If you've already entered self-employment work and need to enter more, select Add another line of work
  5. Follow the on-screen instructions to add your self-employment information.

Returning Member
Apr 8, 2022 12:20:59 PM

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.