The best option that I could give you is to seek for a cryptocurrency lawyer. (you may look for one in this form) Go to Marketplace - Services and post it there. As far as I remember, If you want to make a report with your bitcoin earning. You just have to put the date when you received the coin and how many coins it is daily,
The total value may vary as bitcoin is so volatile. The computation may be complicated but at least, you would give them the accurate value.
Quick recap, put the amount you received + the date you received it = They can calculate your income like
The amount you received + the value of the bitcoin in the date you provided = The cash converted amount.
Topic: how to report bitcoin earnings - page 2. (Read 448 times)
Depends on a certain taxation law of each county.It would really vary. Why wont seek out professional advise related on your issue?
I might do that. 
Depends on a certain taxation law of each county.It would really vary. Why wont seek out professional advise related on your issue?
I'd like to hear from people who have been paid in bitcoin and how they reported it on their taxes.
Before we go any further, please don't waste bandwidth by *advising* me not to report my income.
The situation:
Doing remote work for an overseas client. This client pays me in bitcoin. I don't get a 1099 from this person.
As I understand, my income is the amount the bitcoin was worth when the client sent it -- regardless of whether I sell the bitcoin immediately or hold it (hodl).
This will be reported as self-employment income (since I don't have a corporation) on Schedule C.
If I hold the coins and sell them later, there may be capital gain or loss to be reported separately on Schedule D.
Is there something I'm missing?
Before we go any further, please don't waste bandwidth by *advising* me not to report my income.
The situation:
Doing remote work for an overseas client. This client pays me in bitcoin. I don't get a 1099 from this person.
As I understand, my income is the amount the bitcoin was worth when the client sent it -- regardless of whether I sell the bitcoin immediately or hold it (hodl).
This will be reported as self-employment income (since I don't have a corporation) on Schedule C.
If I hold the coins and sell them later, there may be capital gain or loss to be reported separately on Schedule D.
Is there something I'm missing?
Most of the countries asks you to pay the taxes excluding some middle east countries. Usually, taxes will collect for the service based works. Freelancing services also comes under service based taxation worth 15 to 20 percent from your earnings.
If you have proper legal agreement or proof that you are working with an overseas client, you fill those information taxation forms and pay usual taxes and report it legally. One more if bitcoin or not legal or no understanding, we need to conclude it has no worth in your country so you need to pay taxes on conversion of native fiat currency nothing else. Check with the financial advisor for the better understanding on this.
U.S. taxpayer here.
I'd like to hear from people who have been paid in bitcoin and how they reported it on their taxes.
Before we go any further, please don't waste bandwidth by *advising* me not to report my income.
The situation:
Doing remote work for an overseas client. This client pays me in bitcoin. I don't get a 1099 from this person.
As I understand, my income is the amount the bitcoin was worth when the client sent it -- regardless of whether I sell the bitcoin immediately or hold it (hodl).
This will be reported as self-employment income (since I don't have a corporation) on Schedule C.
If I hold the coins and sell them later, there may be capital gain or loss to be reported separately on Schedule D.
Is there something I'm missing?
I'd like to hear from people who have been paid in bitcoin and how they reported it on their taxes.
Before we go any further, please don't waste bandwidth by *advising* me not to report my income.
The situation:
Doing remote work for an overseas client. This client pays me in bitcoin. I don't get a 1099 from this person.
As I understand, my income is the amount the bitcoin was worth when the client sent it -- regardless of whether I sell the bitcoin immediately or hold it (hodl).
This will be reported as self-employment income (since I don't have a corporation) on Schedule C.
If I hold the coins and sell them later, there may be capital gain or loss to be reported separately on Schedule D.
Is there something I'm missing?
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