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You asked if I bought/traded/sold any virtual currency. I said Yes. But no other information was collected about it. That doesn’t seem right?
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It's right. Strange question, though, isn't it?
This year, the IRS added a checkbox to the top of Schedule 1 that asks: "At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?"
All they want is a yes or no answer, for now.
You can see that question if you'd like, here: IRS Schedule 1, 2019.
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You need to report your cryptocurrency if you sold, exchanged, spent or converted it though.
- 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.
For further information please see the TurboTax website: How do I report Bitcoin or other cryptocurrency as a capital gain?
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Hi! I said yes to this because I just bought, but didn't sell. However, when I actually looked at the check box in the 1040, "did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency" it implies that I just said yes to a taxable event, even I'm not. Will I get in trouble?
Thank you!
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No you shouldn't as long as you didn't report any sales transactions. The caption that you said yes to prompts Turbo Tax to list a section for you to report. If you left that section blank, no worries.
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So it’s okay if I filed with “Yes” on the check box in1040 even I have no transactions to show? My case is I didnt report any sales, but I checked Yes when I filed. I thought just buying is considered a transaction so I said yes even I dont have any sales or interests.
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Yes, the question does include the words receive and acquire on the actual tax form. It is a checkbox on the tax form and the IRS receives crypto information so better safe than sorry. If you had a sale, you would have used more forms.
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