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Schedule C is for business deductions, are you mining/staking as a business? If so, you'll owe self-employment tax. If not, you probably want to file it as hobb
by tldrthelaw 5y ago
Schedule C is for business deductions, are you mining/staking as a business? If so, you'll owe self-employment tax. If not, you probably want to file it as hobby income which is Form 1040 Schedule 1. You can't take deductions from it, but I would be surprised if the deductions offset the aforementioned self-employment tax so as to make Schedule C worth it.
- alephnan 5y agoRight. I have a question mark on the schedule C bit. This will be a question I will leave for the tax pros. What I know is that Coinbase reported a 1099k with an income of $99,xxx.00 In addition to the income reassessment, the IRS also pegged on: Total Self Employment Tax: $2,6xx.00 And no, I did not mine or stake.
- deleted 5y ago[deleted]