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akeefe2949
New Member

Do I need to file taxes on cryptocurrency if I only purchased it with USD and did not sell? I only bought other cryptocurrency with cryptocurrency. I did not sell any.

I put in $165 USD to purchase some coins. I then took some Bitcoin that I bought to buy other coins. Does this need reported if I didn't actually sell anything?
2 Replies
Critter
Level 15

Do I need to file taxes on cryptocurrency if I only purchased it with USD and did not sell? I only bought other cryptocurrency with cryptocurrency. I did not sell any.

You do not report purchases only sales on a income tax return.

HarryW
New Member

Do I need to file taxes on cryptocurrency if I only purchased it with USD and did not sell? I only bought other cryptocurrency with cryptocurrency. I did not sell any.

I think you don't have to report for purchase made with dollar. Purchase made with other cryptocurrency should be reported.

 

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