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vickysun74
New Member

Do I need to file Bitcoin Tax if I just bought bitcoin in 2017 but did not sell it?

 
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Coleen3
Intuit Alumni

Do I need to file Bitcoin Tax if I just bought bitcoin in 2017 but did not sell it?

No, it is an investment and as such, no gain is realized until its sale. 

Bitcoin held as capital assets is taxed as property:

If you hold Bitcoin as a capital asset, you must treat it as property for tax purposes. General tax principles applicable to property transactions apply. In other words, just like stocks or bonds, any gain or loss from the sale or exchange of the asset is taxed as a capital gain or loss. Otherwise, the investor realizes ordinary gain or loss on an exchange.

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1 Reply
Coleen3
Intuit Alumni

Do I need to file Bitcoin Tax if I just bought bitcoin in 2017 but did not sell it?

No, it is an investment and as such, no gain is realized until its sale. 

Bitcoin held as capital assets is taxed as property:

If you hold Bitcoin as a capital asset, you must treat it as property for tax purposes. General tax principles applicable to property transactions apply. In other words, just like stocks or bonds, any gain or loss from the sale or exchange of the asset is taxed as a capital gain or loss. Otherwise, the investor realizes ordinary gain or loss on an exchange.

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