Do I need to report my cryptocurrency when I have never withdrawn any money, earned or lossed within the crypto app?I have less money now then I did when I first started.

I have sold crypto within the app, and used that money to buy more crypto but that's the only purchases that were happening is just using crypto to buy more crypto. Do I still need to report that?

263

Expert Alumni

Feb 6, 2022 7:26:41 AM

Yes, you have to report the sale of cryptocurrencies and the capital gains/losses. You have report the sale even if you use the proceeds to buy other cryptocurrencies.

Please read this TurboTax Help topic on how to report your sales of cryptocurrencies.

New Member

Feb 6, 2022 7:30:36 AM

So I should hit yes to this question in my tax filing? "Did you sell any of these investments in 2021?" for crypto

Expert Alumni

Feb 6, 2022 7:43:34 AM

Yes, if you have sold some cryptocurrencies in 2021, you must answer YES to this question.

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Do I need to report my cryptocurrency when I have never withdrawn any money, earned or lossed within the crypto app?I have less money now then I did when I first started.