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?

1496

Level 15

Jun 6, 2019 8:14:32 AM

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

New Member

Oct 12, 2019 1:33:09 PM

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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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.