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If I sell some crypto but do not take it out, do I have to report it and pay taxes on it?

 
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evelynm
Employee Tax Expert

If I sell some crypto but do not take it out, do I have to report it and pay taxes on it?

Hello:   Your crypto is taxed when you you sell it.   You will need to report the sale.   The proceeds less the cost basis result in a gain or loss for tax purposes.   

 

Here is a link with further details:  https://ttlc.intuit.com/turbotax-support/en-us/help-article/cryptocurrency/cryptocurrency-like-bitco...

Have an amazing day. Evelyn M (CPA 20+ years)
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