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posted Mar 7, 2021 4:24:09 PM

I have an LLC IRA that I use to buy and sell cryptocurrency. I don't need to disclose that on my personal returns when they ask the question about virtual currency?

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Level 1
Mar 7, 2021 5:01:48 PM

You don't need to disclose that and can answer No to the question IF your LLC file a partnership tax return and  issues form K-1 to you. However, it you report the income or loss form the LLC on your Schedule C which means you LLC is disregarded entity, you must disclose your cryptocurrency operations and answer Yes to the question.