Unfortunately, if you traded (exchanged) one cryptocurrency for another, that is considered a sale and you will need to report the loss on your tax return.
Cryptocurrency sold, exchanged, spent or converted, is treated as sale of property
Like property sales or the sale of stock, any gain or loss from the sale or trade of cryptocurrency is reported as a capital gain or loss. If you buy and sell it within 12 months, it’s treated as a short-term capital gain. If you hold it for over 12 months, it’s taxed at the lower, long-term, capital gain rates.
TurboTax partners with Cryptotrader.tax who can assist you with calculating your trading gains or losses. Cryptotrader.tax
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