I bought $3 worth of dogecoin cryptocurrency and sold it for a $1.54. Do I need to report this?

[DawnC]

Yes, report your loss in the cryptocurrency section.  Since you only have one transaction, it should be fairly straightforward to get entered.    If you hold Bitcoins or other cryptocurrencies as a capital asset, you must treat them as property for tax purposes. If you sold them for profit, you must report earnings regardless of whether or not you received a tax form.

• How do I report earnings or losses from Bitcoin and other cryptocurrency?
• How is cryptocurrency like Bitcoin taxed?

[terarn3412]

So I have to upgrade to a way more expensive version of Turbotax and this transaction had zero effect on my taxes?  It literally didn't change a thing.  

[HelenC12]

You may qualify to use the IRS Free File Program delivered by TurboTax . It's geared towards lower-income filers, regardless of tax return complexity, and is only offered through the IRS Free File Alliance (FFA) program. No upgrades are available.

If you're required to file an income tax return, generally, any amount included in your income is taxable unless it is specifically exempted by law. Income that is taxable must be reported on your return and is subject to tax. Income that is nontaxable may have to be shown on your tax return but is not taxable.