24 – Virtual currency
- use virtual currency to acquire goods or services;
- convert it to monetary currency;
- exchange it for another virtual currency; or
- use it to make a donation.
To report income from using virtual currency or cryptocurrency mining, you need to determine whether it constitutes a capital gain (or loss) or business income (or loss). To help you do so, refer to guides IN-120-V, Capital Gains and Losses, and IN-155-V, Business and Professional Income.