Do Small Currency Exchange Losses Need to Be Reported on Taxes?

I recently exchanged $1.29 USD for £1.00 and then converted the £1.00 back to USD the same day, receiving $1.25. After fees, this resulted in a $0.04 net loss.

Do I need to report this small transaction on my taxes, or is it considered negligible?

Thanks for your help!

posted

I logged into the Coinbase exchange for the first time since 2017. I found 2017 capital gains on Bitcoin its around $2k. I failed to report them. What do I need to do?

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Do Small Currency Exchange Losses Need to Be Reported on Taxes?

Do Small Currency Exchange Losses Need to Be Reported on Taxes?

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Do Small Currency Exchange Losses Need to Be Reported on Taxes?

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