posted

Do i have to report bitcoin traded for another coin (bitconnect) coin at a loss if i dont care about the deduction and if so how do i do it.

1 Reply

Do i have to report bitcoin traded for another coin (bitconnect) coin at a loss if i dont care about the deduction and if so how do i do it.

You can't trade one cryptocurrency for another cryptocurrency. It is treated as an investment sale. You have to report the gain/loss of the bitcoin sold. See the following: https://ttlc.intuit.com/replies/6468764

Found what you need?

Start my taxes

Already have an account? Sign In

(4.6/5 | 291,310 reviews)

Still have questions?

Make a post

Or browse the Forums

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Quick links

First Time Here?

Community Do's & Don'ts

Upcoming Events

Ready to file your taxes?

Meet your expertsAll Experts >

Employee Tax Expert

BBA- Specialization: Accounting, MBA- Specialization: Asset Management, EA

Employee Tax Expert

Been with Intuit for going on 6 years now. Been part of TTLive, Full Service TTL, was part of Accuracy guaran...

Employee Tax Expert

EA with 18 years of tax experience.

Employee Tax Expert

MBA, Enrolled Agent. Been preparing taxes professionally for 10+ years.

Employee Tax Expert

I am an Enrolled Agent. I worked for the I.R.S. for 33 years. I spent my last 11 years at the I.R.S. in Mand...

Manage cookies

Why sign in to the Community?

Do you have a TurboTax Online account?

Do i have to report bitcoin traded for another coin (bitconnect) coin at a loss if i dont care about the deduction and if so how do i do it.

Do i have to report bitcoin traded for another coin (bitconnect) coin at a loss if i dont care about the deduction and if so how do i do it.

Found what you need?

Related discussions

Top help articles

Still have questions?

About Community

3.49m Members

2.63m Discussions

Quick links

3.49m
Members

2.63m
Discussions