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How to report crypto mining

How to report crypto mining

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Crypto Taxes in US with Examples (Capital Gains + Mining)
Bitcoin, Ethereum, or other cryptocurrencies mined as a hobby are reported on your Form Schedule 1 on Line 8 as �Other Income.� It is taxed. Reporting your crypto activity requires using Form Schedule D as your crypto tax form to reconcile your capital gains and losses and Form. For hobby miners, you report your income from mining on Form Schedule 1 (), line 8 as other income. You'll report any capital gains from selling, swapping.

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Even if you do not receive a MISC from the entity which provided you a payment, you still need to report this income on your tax return. If you mine cryptocurrency as a trade or business�not as a hobby�you could be eligible for certain equipment, electricity, repair, and rented space deductions to lessen your tax liability. After itemizing the receipts, the final amount will be added to the other income you received throughout the year. Do I have to pay crypto taxes? TurboTax Premium searches tax deductions to get you every dollar you deserve.