Is it legal to earn crypto as rewards for viewing ads on browser while on H1B?

[sunilkolladi]

Hello,

I am currently on H1B and I earned some crypto as rewards for viewing ads on a browser. Finally cashed out to my bank account.
It was around 100 dollars that I earned last year. I did not realize this until I was about to file my tax returns.
Can anyone please let me know if this is legal to earn money like this while on H1B? and will there be any problem during filing taxes?

Thanks,
Sunil.

[JonyPuliman]

I suppose it depends on the country of residents. If you are in the US, you are fine

[Sanderisan]

Hey there Sunil! No worries, having questions about earning crypto while on an H1B visa is normal. It sounds like you've had a good experience so far, and as long as you're following all of the relevant laws and regulations, there shouldn't be any problems with earning crypto through activities like viewing ads on a browser. As for taxes, it's important to remember to report any income you earn, no matter what form it's in. If you're unsure how to do this, talk to a tax professional

[LazyMadis]

Taxpayers will separately determine the overall financial result of cryptocurrency transactions in accordance with accounting rules. A positive financial impact from cryptocurrency sales transactions will be taxed in the reporting period of occurrence at a rate of 5%, regardless of whether the profit is received directly from cryptocurrency transactions or from intermediary activities. For example, I am engaged in the exchange of cryptocurrencies using a bitcoin mixer, and I must indicate this when submitting a tax return.

[Lanatory]

Thanks for sharing this info guys! I also have several questions regarding business in the EU. Who can tell me more about it? I read here about company registration in Estonia and it seems like a good option but I have no experience and would be very appreciative of any tips. Share your tips, please.

[Offily]

Yes, it is legal to earn money this way on H1B. There are no restrictions on H1B holders earning money from passive income sources such as cryptocurrency rewards or investment income.

However, you will need to report this income on your tax return. The IRS considers cryptocurrency a type of property, so you will need to pay taxes on any capital gains you make when you sell your cryptocurrency. You will also need to pay taxes on any income you receive from cryptocurrency betting or other sources of passive income.

To report your cryptocurrency income on your tax return, you will need to create a Schedule D form. This form is used to report capital gains and losses. You will need to provide the fair market value of your cryptocurrency on the day you cashed it out into your bank account as your cost basis.


You will also be required to report the fair market value of your cryptocurrency on the day you sold it as proceeds from the sale are received.

[henry76]

Thanks for sharing this info!

[Aron7]

Crypto earnings are considered taxable income by the IRS, and you're required to report them on your tax return, even if the amount is small. Since you earned $100 from crypto rewards, it's essential to report this income when filing your taxes.

When you file your taxes, you'll need to report this income under the appropriate category for miscellaneous income or as income from self-employment if applicable. Ensure you have records or documentation of these earnings to accurately report them.

[morrys]

While I'm not tax expert, earning crypto should generally be reported as income. However, it's essential to consult with a tax professional to ensure compliance with H1B regulations and tax laws. They can guide you on the proper reporting procedures. Additionally, consider keeping records of your transactions for documentation. As for selling crypto, platforms like Binance can be used, but make sure to follow proper procedures and declare any gains. You can explore options to sell crypto binance for cash, but always be cautious and seek professional advice.

[Thearced]

Yes, it is legal to earn money this way on H1B. There are no restrictions on H1B holders earning money from passive income sources such as cryptocurrency rewards or investment income.

However, you will need to report this income on your tax return. The IRS considers cryptocurrency a type of property, so you will need to pay taxes on any capital gains you make when you sell your cryptocurrency. You will also need to pay taxes on any income you receive from cryptocurrency betting or other sources of passive income.

To report your cryptocurrency income on your tax return, you will need to create a Schedule D form. This form is used to report capital gains and losses. You will need to provide the fair market value of your cryptocurrency on the day you cashed it out into your bank account as your cost basis. where I realized how convenient it is for businesses to be able to pay with crypto for services. Since crypto has a lower commission and payments can be made in different parts of the world.


You will also be required to report the fair market value of your cryptocurrency on the day you sold it as proceeds from the sale are received.

That's correct! Earning money from passive income sources like cryptocurrency rewards is legal on an H1B visa. However, it's important to report this income on your tax return. The IRS treats cryptocurrency as property, so you'll need to pay taxes on any capital gains when you sell your cryptocurrency. Make sure to use Schedule D to report your gains and losses accurately.

[Andrew829]

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