How do I report cryptocurrency income earned through my foreign-owned U.S. LLC?
I'm a non-resident alien who owns a single-member LLC in Wyoming. The LLC receives crypto payments from clients for freelance consulting work. Some payments are in Bitcoin, some in USDC. I convert most of it to USD through Coinbase within a few days.
Do I need to report this crypto income on my U.S. tax return? The LLC is treated as a disregarded entity for Form 5472 purposes, but I'm confused about whether the crypto payments themselves create additional reporting obligations beyond what I'd have with regular USD payments.
Also, when I convert BTC to USD, is that a separate taxable event on top of the income?
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