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

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.

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??

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

Thank you for reply. 

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

@khossain31

That’s correct – answer no.