Hi, I bought $35 dodgecoin in 2020. Still holding it. Do I need to show it in my taxes?

[LenaH]

No. Cryptocurrency is taxed when you receive it as payment or have a transaction where you sell or trade it. If you just buy it and hold onto it, it won’t be taxed until you do something with it.

Reporting cryptocurrency is similar to reporting a stock sale. You'll need to report your cryptocurrency only if you sold, exchanged, spent or converted it. When it comes to hard forks and airdrops, you only have taxable income if it results new cryptocurrency.

How is cryptocurrency like Bitcoin taxed?

How do I report Bitcoin or other cryptocurrency as a capital gain?

[Edited 4/21/21 l 11:43AM]

[SundayInSalem]

You only have to report the sale or exchange of virtual currency on your tax return.

The IRS says, "In general, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services in a real-world economy transaction, has tax consequences that may result in a tax liability."

Frequently Asked Questions on Virtual Currency Transactions