topic Should I report cryptocurrency purchase but did not do any trading or selling? in Investors & landlords

Should I report cryptocurrency purchase but did not do any trading or selling?

gbaran — Sat, 01 Jun 2019 21:10:45 GMT

No, you don't have a taxable event until you sell it.

Coleen3 — Sat, 01 Jun 2019 21:10:46 GMT

No, you don't have a taxable event until you sell it.

Thanks. Also, I did purchase XRP using BTC. It was more...

gbaran — Sat, 01 Jun 2019 21:10:47 GMT

Thanks. Also, I did purchase XRP using BTC. It was more of purchase than trading or selling. Because at that point XRP could be purchased using BTC. So should I report this too?

If you traded btc for xrp, it is a sale. You have to sell...

Coleen3 — Sat, 01 Jun 2019 21:10:48 GMT

If you traded btc for xrp, it is a sale. You have to sell the one to buy the other.