Yes, you should report it.
If it was a gift, your basis, (cost) is the donor's basis.
Reporting cryptocurrency is similar to reporting a stock sale. You'll need to report your cryptocurrency if you sold, exchanged, spent or converted it.
To report a cryptocurrency sale in TurboTax:
- Open or continue your return.
- Select Federal from the left menu, and Wages & Income from the menu near the top.
- Scroll down and select Show more next to Investment Income.
- Select Start or Revisit next to Cryptocurrency.
- Follow the instructions and we'll calculate the gain or loss from the sale.
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