turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do we need to disclose the ownership of bitcoin purchased 5or more years ago if no transactions took place in 2022?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
GeorgeM777
Expert Alumni

Do we need to disclose the ownership of bitcoin purchased 5or more years ago if no transactions took place in 2022?

No, assuming you are referring to the digital asset question on Form 1040, it does not appear that you meet the requirements to disclose the digital asset. The digital asset question on the Form 1040 states the following: 

At any time during 2022, did you: (a) receive (as a reward, award, or payment for property or services); or (b) sell, exchange, gift, or otherwise dispose of a digital asset (or a financial interest in a digital asset)? 

Based on what you stated in your post, it appears you do not meet the requirements referenced above and thus can answer "no" to this question. However, this question is quite broad and if includes the following activities that would require a "yes" answer.

 

  1. Received digital assets as a result of a hard fork; 
  2. Disposed of digital assets in exchange for property or services; 
  3. Disposed of a digital asset in exchange or trade for another digital asset; 
  4. Sold a digital asset; 
  5. Transferred digital assets for free (without receiving any consideration) as a bona fide gift; or 
  6. Otherwise disposed of any other financial interest in a digital asset.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies