I bought bitcoin in November of 2019. Do I need to report anything even though I didn't sell in 2019?

downeyc4 · ‎February 21, 2020

DawnC · ‎February 21, 2020

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.

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DawnC · ‎February 21, 2020

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.

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khossain31 · ‎March 8, 2020

Hello Sir,

I bought $200 of Bitcoin from Coinbase in July 15, 2019. I didn't buy or sell it. I keep holding it.

Do I have to report this to my Tax Return this year??

AmyC · ‎March 8, 2020

No. Think of Bitcoin like a stock. Nothing to report when you buy or while holding, only when you make money, selling, or exchanging.

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khossain31 · ‎March 8, 2020

Thank you for reply.

So, I should answer "NO" to that IRS question in Tax Return form?

JohnW222 · ‎March 9, 2020

@khossain31

That’s correct – answer no.

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I bought bitcoin in November of 2019. Do I need to report anything even though I didn't sell in 2019?