The income report we provide is simply an export of all the Income transactions in your account for a given tax year, with the market value of that crypto income tacked on. The market value is determined by the asset, the asset quantity and the date/time the income transaction occurred.
Generally speaking, any crypto you receive from the following activities should be categorized as income, and will accordingly show up on your "Income Report."
- Mining
- Staking
- Rewards
- New User Promotions
- Referral Programs
- User Compensation for things such as goodwill, feedback, missed trades, outage or tech issues
- Interest from Earn Platforms
Below is an example of an income report:
Once you have that report, you'll want to use spreadsheet software (like Excel) to sum up the market values in column I. The result of that sum should match the "Total Income" field on your Taxes page. This number represents the total market value of all the crypto you've received as income in a tax year.
Whatever result you get from summing the market values in your income report (or what you see as your total income for a given year) should be added to your taxable income for that year under "Other Income".
Still have questions? Send us an email at support@taxbit.com and we'd be happy to help!
Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center.
Keywords:
Income Report
Total Income
Income Transactions
Comments
0 comments
Please sign in to leave a comment.