Good afternoon, NandoLkz! Thank you for joining us!
You asked if "I didn’t make any money with crypto, do I have to report it?"
The answer is it depends on what types of transactions were involved it the crypto.
- If you only purchased crypto during the tax year but made no other transactions with it, you won’t need to report this activity. Much like buying stocks and bonds and holding them in your investment account, you don’t need to report this information to the IRS on your tax return, if no sale or exchange occurs. You will only need to report it, in the year of disposition.
However, most other Crypto activity is taxable and needs to be reported to the IRS in most situations.
- If you, sell or exchange crypto, including one crypto for another, this creates a taxable event that you’ll need to report on your tax return as a capital gain or loss.
- If you receive crypto for goods or services, wages, rewards or as a promotion tied to activities, such as staking, etc. than these transactions are fully taxable as ordinary income.
Here are a couple of links for additional information:
Crypto Investors
TurboTax Investor Center
Myths about Crypto Currency
Hopefully this helps!
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer.”
Terri Lynn
