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.
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jpdino1
New Member

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.

 
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HelenaC
New Member

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

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