Haley received virtual currency in exchange for work she performed as an independent contractor. How much income must Haley report on her tax return? Nothing in the current tax year. She will report this income when she sells or exchanges the virtual currency. The fair market value of the virtual currency at the date and time she received it. The excess of the fair market value of the currency over the amount normally paid for similar work. The average of the highest and lowest fair market values of the currency for the calendar year in which she received it