Should I report cryptocurrency purchase but did not do any trading or selling?
03800
3 Replies
Coleen3
Intuit Alumni
Jun 1, 2019 2:10:46 PM
No, you don't have a taxable event until you sell it.
gbaran
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?
Coleen3
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.