JohnB5677
Expert Alumni

Get your taxes done using TurboTax

Yes, based on the current posting practice they would be listed as losses, but you really didn't lose any money.

 

I understand your point, but this is a reportable transaction, and it is recorded as Capital gain/loss.

  • In the US we don't deal in cryptocurrency (yet).  We deal in dollars.
  • When you spent your Coins, you utilized a dollar value to make the purchase.  
  • The dollar value that was spent has to be compared to the value when you "got" the coin.
  • In your example above the change was zero (0).
  • However, the transaction still has to be reported.
  • A zero value is posted as a capital loss.  This is only an accepted practice.
  • There is no change in tax if you called it a capital gain, but that is the format that is used for a zero gain.

 

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