Do I have to report the one hundred dollars of cryptocurrency that I purchased in 2021 but didn't sell until 2022 on my 2021 taxes?

userhollyjp123 · ‎February 18, 2022

rjs · ‎February 18, 2022

You do not report the purchase. You report the sale in the year that you sell it. So you will report the sale on your 2022 tax return.

MayaD · ‎February 18, 2022

You only need to report your cryptocurrency if you sold, exchanged, spent or converted it.

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.

How is cryptocurrency like Bitcoin taxed?

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Do I have to report the one hundred dollars of cryptocurrency that I purchased in 2021 but didn't sell until 2022 on my 2021 taxes?