Yes, it should be reported on your income 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.
To enter the Cryptocurrency converted, see How do I report Bitcoin or other cryptocurrency as a capital gain?
Related Information:
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
