If I only received crypto as gift from someone and later sold it ( under 5000 USD), should I report it in my tax return?

Yes, you should report it.

 

If it was a gift, your basis, (cost) is the donor's basis.

 

Reporting cryptocurrency is similar to reporting a stock sale. You'll need to report your cryptocurrency if you sold, exchanged, spent or converted it. 

 

To report a cryptocurrency sale in TurboTax:

1. Open or continue your return.
2. Select Federal from the left menu, and Wages & Income from the menu near the top.
3. Scroll down and select Show more next to Investment Income.
4. Select Start or Revisit next to Cryptocurrency.
5. Follow the instructions and we'll calculate the gain or loss from the sale.