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Get your taxes done using TurboTax
Sale of crypto is considered a sale of property. So, you should report your transaction as a short-term capital gain even if you did not get a form from your financial institution. Be aware that there is a question on the return that asks if you have sold any virtual currency and a "Yes" answer will trigger a flag for the IRS to look for the capital gain transaction.
There does not appear to be any exceptions to this that I know of. There are some changes to the tax laws regarding virtual currency being discussed now. I am not sure where Congress will end on this. Hope this helps.
March 13, 2022
5:00 PM