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New Member
posted Jun 1, 2019 2:10:45 PM

Should I report cryptocurrency purchase but did not do any trading or selling?

0 3 800
3 Replies
Intuit Alumni
Jun 1, 2019 2:10:46 PM

No, you don't have a taxable event until you sell it.

New Member
Jun 1, 2019 2:10:47 PM

Thanks.  Also, I did purchase XRP using BTC.  It was more of purchase than trading or selling. Because at that point XRP could be purchased using BTC.  So should I report this too?

Intuit Alumni
Jun 1, 2019 2:10:48 PM

If you traded btc for xrp, it is a sale. You have to sell the one to buy the other.