I bought cryptocurrency in 2020. Do I have to report the purchase to the IRS

Is the purchase of crypto currency reportable to the IRS

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No, if you only purchased and held cryptocurrency during 2020 there would be nothing reported on your 2020 tax return.

You will report transactions when you sell, trade, or spend cryptocurrency. This includes any time you trade one type of cryptocurrency for another which would create a reportable transaction.

For more information, take a look at the following TurboTax article: How is cryptocurrency like Bitcoin taxed?

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How do I report errors in the way TurboTax fills out form 2555 foreign earned income. I think nobody at TurboTax has tested it.

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I bought cryptocurrency in 2020. Do I have to report the purchase to the IRS