maglib
Level 10

Get your taxes done using TurboTax

The IRS considers bitcoin property and therefore every move is considered a taxable transaction.  Gains are reportable.  you can not take net losses on personal property but only investment property.

For this, go to "Personal", "Investment Income",  "Stocks, Mutual Funds, Bonds, Other", and record each transaction with the date you sold the coins, for how much, when you acquired them, and for what.  use the section Other as your choice since you did no active moves.

You can choose to summarize reporting.  The rules to follow are provided in 8949 for property by the IRS https://www.irs.gov/pub/irs-pdf/i8949.pdf

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
I am NOT an expert and you should confirm with a tax expert.