Bitcoin gift

Forum|Forum|5 years ago
February 17, 2021
1 reply
3 views

I won a very small (under $20) amount of bitcoin in December 2020, I sold it about 2 weeks later. I received a 1099 yesterday. Then I had to upgrade my TurboTax product - which I am not happy about. I am being asked for the amount paid for the Bitcoin. I did not pay for it, so I have no idea what to put in. Can I leave this blank since it was a gift. Also, the amount of proceeds is double what I sold it for. Thanks

Best answer by AnnetteB6

Since it was a gift to you, you paid $0 for the bitcoin you received. All of the proceeds you got from selling it will be considered the gain on the sale.

AnnetteB6Answer

Level 15

Since it was a gift to you, you paid $0 for the bitcoin you received. All of the proceeds you got from selling it will be considered the gain on the sale.

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