How do I report a gain in bitcoin that I received as reimbursement for buying a waffle iron?
In 2016 I was visiting a friend in another country and he asked me to bring him a waffle maker (~$35). He paid me back for the waffle maker in Bitcoin. I sold that Bitcoin in 2020 for ~$740. I believe that I need to declare that on my 2020 US Taxes. I'm looking for advice on how to do this. Investopedia seems to indicate that if I bought or sold goods to my friend, this money would count as income. I'm not sure that's how I'd characterize the transaction, but I'm willing to go with it. I would appreciate advice on how to report this on my US taxes.