I only bought crypto on Binance.us in 2021 and did not sell any of it - Do i have to still report it when doing taxes this year ? not able to import from binance.

shanijav · ‎March 19, 2022

JohnB5677 · ‎March 20, 2022

No, if you only made purchases, that would not be a taxable event. However, if you did mining or had income from staking, those are taxable.

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shanijav · ‎March 20, 2022

Thanks a lot for your reply

no - i did not do mining and did not have any income from staking - i only bought etherium on binance which I haven’t sold. So that should not be added / reported on this years taxes right ?

HelenC12 · ‎March 20, 2022

@JohnB5677 is correct and yes, you don't add or report your cryptocurrency since you are holding on to it. Cryptocurrency is taxed when you receive it as payment or have a transaction where you sell or trade it.

Related information: Cryptocurrency Info Center

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shanijav · ‎March 20, 2022

got it ! Thank you !

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I only bought crypto on Binance.us in 2021 and did not sell any of it - Do i have to still report it when doing taxes this year ? not able to import from binance.