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Level 2
posted Jun 6, 2019 1:44:04 AM

Bought crypto in 2018. Have NOT sold it. TurboTax keeps telling me to 'Revist/Missing info' for my 1099-B and insists I enter 'Date Sold'. I NEVER sold this crypto yet!

Crypto exchanges dont hand out 1099B's. TT wants me to enter the Date Sold for my coins. I never sold my coins. Im simply wanting to tell the IRS that I BOUGHT the coins and still have them (seeing a Buy is a taxable event).

0 2 644
2 Replies
Level 15
Jun 6, 2019 1:44:06 AM

you see, a Buy is not  a taxable event. !

Expert Alumni
Jun 6, 2019 1:44:08 AM

Unless you received it as payment for services (Business income), you don't have to tell the IRS anything about your crypto purchases.  

Cryptocurrency held for investment has a gain/loss. Cryptocurrency for personal property is only gains, no losses (so for purchases of goods and services, there is only gains, no losses as they are personal). I

If paid to you for personal services, it is considered reportable income at the spot rate on date of receipt. It can be considered business, hobby, investment, or personal income property depending on your intent to make a profit to consider it a business.

Just keep records for yourself so you have an accurate Cost Basis when you sell.