Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 13, 2023 2:38:47 PM

Coinbase withdraws to other digital wallets are not taxable if you are not selling them to USD so why are they showing up as taxable transactions?

I didn't sell any of my crypto so they should not be reported as taxable income/losses.

0 1 390
1 Replies
Expert Alumni
Apr 13, 2023 3:04:28 PM

Yes, that's correct assuming you were just moving your cryptocurrency from your account to a wallet and not selling it or exchanging it for another cryptocurrency.  Are these transactions on your 1099-B or similar form?  If so, you can report them with the cost basis equal to the proceeds so that there is neither a gain nor a loss.  If these transactions are on a form that has been filed with the IRS, which is likely, then you will need to report them.