topic Do I report cryptocurrency on my 2020 tax return if I only sold it in 2021? in Get your taxes done using TurboTax

Do I report cryptocurrency on my 2020 tax return if I only sold it in 2021?

taneumx — Mon, 22 Mar 2021 03:34:09 GMT

I am confused by the "aquired" term in the reporting question, I bought crypto in 2020, but only realized the gains in 2021

Re: Do I report cryptocurrency on my 2020 tax return if I only sold it in 2021?

AnnetteB6 — Mon, 22 Mar 2021 12:55:21 GMT

No, if you did not sell, trade, or spend any cryptocurrency in a transaction during 2020, then there is nothing required to be reported on your 2020 tax return.

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

Re: Do I report cryptocurrency on my 2020 tax return if I only sold it in 2021?

fanfare — Mon, 22 Mar 2021 13:06:19 GMT

acquired means received, gifted, vested, inherited, stole or bought.