Solved
Self employed being paid in crypto
Got an email from self employed client:
"I have a client wanting to make a payment to me using a currency called “coin base”. Also known as USDT (US dollar token). Once I were to receive the funds that money would technically be in an investment account through “coinbase”. If I were then transfer that USDT into USD into my bank account would I be taxed a capital gain?"
This is business income to him, right? Then if he leaves it in the account any gains or losses would be capital gains/losses somewhere down the line when he takes the money out? His basis would be the value that they guy transferred to him and he included as business income?
