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Do I have to answer yes to the cryptocurrency question if I bought cryptocurrency using an LLC IRA?

 
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1 Reply
DawnC
Employee Tax Expert

Do I have to answer yes to the cryptocurrency question if I bought cryptocurrency using an LLC IRA?

Not unless you sold it or exchange it for goods or services.  Cryptocurrency is taxed when you receive it as payment or have a transaction where you sell or trade it.   If you just buy it and hold onto it, it won’t be taxed until you do something with it

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