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mfpetti
February 21, 2021
Question

I bought cryptocurrency in 2020. Do I have to report the purchase to the IRS

  • February 21, 2021
  • 1 reply
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Is the purchase of crypto currency reportable to the IRS

    1 reply

    A
    AnnetteB6
    February 21, 2021

    No, if you only purchased and held cryptocurrency during 2020 there would be nothing reported on your 2020 tax return.  

     

    You will report transactions when you sell, trade, or spend cryptocurrency.  This includes any time you trade one type of cryptocurrency for another which would create a reportable transaction.  

     

    For more information, take a look at the following TurboTax article:  How is cryptocurrency like Bitcoin taxed?

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