Please clarify -
"Did you acquire, sell, exchange, or dispose any virtual currency in 2021?"
I see multiple replies in Turbo Tax and other Community Forums that contradict each other.
If a taxpayer only PURCHASED bitcoin/crypto and did NOT Sell, Exchange or Dispose of the virtual currency in 2021, the answer
to that question is NO.
If a taxpayer "RECEIVED" bitcoin/crypto, then the answer is YES. Further, if the taxpayer RECEIVED, SOLD, EXCHANGE or DISPOSED of virtual currency, the answer would be YES.
Again, to clarify, if the taxpayer PURCHASED or BOUGHT only, the answer to that question is NO.
("No, I didn't acquire, sell, exchange or dispose of virtual currency in 2021")
Please reply and clarify if that is your understanding to this post. This issue is very confusing, controversial and the subject of many online community discussions. Many individuals struggle with trying to determine how to download transaction data from crypto exchanges who have not made the process easy. Further, Turbo Tax has not made the process easier by being unable to upload CSV files. When trying to upload a crypto CSV file, Turbo Tax looks for a TXF file. Well, that means the file has to be converted. Good luck with that.
