topic Re: Virtual Currency in Get your taxes done using TurboTax

Virtual Currency

Bob1959 — Sat, 27 Feb 2021 21:37:43 GMT

I am helping my son do his taxes on TurboTax. Last year, he purchased $20 of Bitcoin with his robinhood/cash app account on his smartphone. Does he have to respond "YES" to the virtual currency question? He has not sold the Bitcoin and it is still in his account.

Thanks.

Re: Virtual Currency

AnnetteB6 — Sat, 27 Feb 2021 21:54:08 GMT

No, if he has not sold, traded, or spent any of the Bitcoin in a transaction, then there is nothing required to be reported on his tax return.

Simply purchasing and holding a cryptocurrency is not a taxable or reportable transaction.

Re: Virtual Currency

Bob1959 — Wed, 03 Mar 2021 03:14:12 GMT

Thanks.