Skip to main content
February 16, 2020
Question

How would I report my transactions if I kept repurchasing the same crytpo, and selling some of it at the same time?

  • February 16, 2020
  • 1 reply
  • 0 views
I had recurring withdraws  bi-weekly for certain cryptos, however I would sell some of my shares for USD but I would still have some money in the cryptocurrencies.

1 reply

JohnB5677
February 16, 2020

The first question is, were you mining or were you trading?  Although you had a lot of transactions it sounds like you were trading. 

  • In this case it will be counted as if it were an asset.  Like a stock or bond. 
  • Each different type of Bitcoin is counted as a different currency.
  • The general rule is First in First out.  Within each currency, the first one purchased is going to be the first one sold.
  • Each transaction must be converted to USD.
  • Each transaction must be posted. 
  • When you converted the money into dollars is one type of transaction.
  • Converting from one Bitcoin currency to another is also a transaction.

To post this you would go to:

  1. Income
  2. I'll choose what I work on
  3. Scroll down to Investment Income
  4. Select Stocks, Mutual Funds...
  5. You did not get a 1099-B
  6. At the bottom select Everything Else
  7. Enter description and dates for each transaction.

Bitcoin Overview​​​​​​​

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"