You don't have to. This is just an interview question Turbo Tax asks in case if you did trade bitcoin or other types of virtual currency during the year. Leave that check mark blank if you didn't.
What if I trade crypto currency but loss and there was no statement to report? Should I still check "Yes"? what will happen if I check "Yes"? Thanks in advance.
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
Do I have to check this box if I never had any cryptocurrency but traded on an exchange with Robinhood? Thanks. Just want to properly check this box as I am getting a 1099 B for the trading but I never owned actual currency to buy anything.? Thanks