Cryptocurrency

[Celsojim]

If I buy crypto and just hold it do I have to report it anywhere on my taxes ? 

[rjs]

You don't have to report the purchase. When you sell any of the cryptocurrency you will have to report the sale. But there is a question on the tax return that asks "did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?" You have to answer Yes to that question. TurboTax will ask the question.