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bandrade101
New Member

If I only purchased litecoin and bitcoin in 2017, and have not sold yet, do I have to report it in my taxes?

 
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DianeW
Expert Alumni

If I only purchased litecoin and bitcoin in 2017, and have not sold yet, do I have to report it in my taxes?

No. There is nothing to report until you actually sell some of your litecoin or bitcoin purchases. 

Start tracking all of your purchases with purchase date and cost so that when you sell you know the details of reporting the sale including holding period (acquisition date and sale date).  Excel or other product you might prefer could be a good resource to use for tracking your information to eliminate any headaches later.

These will be treated like any investment sale, but you may not receive a tax form.  

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1 Reply
DianeW
Expert Alumni

If I only purchased litecoin and bitcoin in 2017, and have not sold yet, do I have to report it in my taxes?

No. There is nothing to report until you actually sell some of your litecoin or bitcoin purchases. 

Start tracking all of your purchases with purchase date and cost so that when you sell you know the details of reporting the sale including holding period (acquisition date and sale date).  Excel or other product you might prefer could be a good resource to use for tracking your information to eliminate any headaches later.

These will be treated like any investment sale, but you may not receive a tax form.  

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