topic Re: crypto testnet token enquiry in Get your taxes done using TurboTax

crypto testnet token enquiry

Helen123 — Wed, 12 Mar 2025 23:46:31 GMT

For the crypto, there is one called testnet token, which has no real value and it is used to test the blockchain and help develop/optimize the program. Do I need to report the transactions on it to IRS?

Thanks,

Helen

Re: crypto testnet token enquiry

DawnC — Wed, 12 Mar 2025 23:48:53 GMT

No, you can ignore the testnet token transactions; those are not real transactions and do not affect your tax return.

Re: crypto testnet token enquiry

Helen123 — Mon, 17 Mar 2025 15:47:08 GMT

Re: crypto testnet token enquiry

Helen123 — Thu, 13 Mar 2025 16:06:39 GMT

many thanks. Even getting some free testnet tokens from others or websites, no need to report them to IRS,right? @DawnC

Helen

Re: crypto testnet token enquiry

Helen123 — Mon, 17 Mar 2025 15:47:54 GMT

apologies. Did you see my previous question @DawnC ?

Thanks,

Helen

Re: crypto testnet token enquiry

DawnC — Mon, 17 Mar 2025 17:46:34 GMT

That is correct. The testnet tokens allow the developers to test their apps and other functionalities without the risk of losing real assets and they have no value. However, if you receive an airdrop of tokens with value, that would need to be reported. But valueless testnet tokens/coins do not need to be reported.