Question

Where to Report LLC Cryptocurrency mining income (turbotax business edition desktop)?

Forum|Forum|4 years ago
January 4, 2022
1 reply
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I run a LLC partnership with 2 others. It's our first year. We mine Ethereum (cryptocurrency). I use Koinly to help track all of our transactions (payouts from pool and what they were worth the day we received them). and gives a sheet 8949 that reports that income. However, where do I report this income in Turbo Tax Business edition? It doesn't specifically have a cryptocurrency income section. Would it go under other income? We did not sell most of the Ethereum we mined this year (we have sold some, but we put those proceeds back into business and to pay business expenses) and I am reporting that as short term capital gains. Just want to figure out how to report the mining income / where is the appropriate location to report it.

Thank you.

TurboTax Business Windows

M-MTax

If you're mining crypto then that's your trade or business and you're going to report that as ordinary income subject to self employment tax with an LLC.

A

ABP_Mining_InvestmentsAuthor

In the business edition, there is no specific spot, so I currently have it under other income and listed it. Let me know if this looks correct.

M-MTax

Not familiar with TTBiz BUT I don't think it goes there because it's NOT Other Income but income that's subject to self employment taxes. There should be another place where you enter BUSINESS income.