Pl. clarify. If I buy and sell crytpo currency, depending on long (more than one year hold) vs short (less than one year), is the tax reporting method the same as that of stocks?Like I enter individual stock sale, I report loss/gain, will I be reporting crypto too on Schedule D?If I do not sell crypto in a given year, is there still anything to report on what I currently hold in crypto currency?regards

J

jawckey

Question

crypto currency tax

Forum|Forum|5 years ago
May 8, 2021
1 reply
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Pl. clarify.

If I buy and sell crytpo currency, depending on long (more than one year hold) vs short (less than one year), is the tax reporting method the same as that of stocks?
Like I enter individual stock sale, I report loss/gain, will I be reporting crypto too on Schedule D?
If I do not sell crypto in a given year, is there still anything to report on what I currently hold in crypto currency?

regards

HollyP

Employee

1. Yes, the IRS treats cryptocurrency like property and it is similar to reporting a stock sale. See, How is cryptocurrency like Bitcoin taxed?

2. Yes. See, How do I report Bitcoin or other cryptocurrency as a capital gain?

3. Yes, the IRS now asks, "at any time during the year, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” on the tax return. It does not ask for your specific numbers, just a yes or no response.

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