2496675
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

? is At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?

Is this asking if I've sold crypto currency? or is it asking about something else?
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.

4 Replies

? is At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?

Yes, it is asking about cryptocurrency 

? is At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?

It is asking if you were given any crypto currency or if you bought and sold any. Given is a gift that would be taxable at rate you got it. You bought and sold it would be cost difference to determine loss or gain which you would pay taxes on

? is At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?

The question actually says: "At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?"

 

What makes it confusing is that it does NOT say PURCHASED or BOUGHT.

 

From www.findlaw.com: "If all you did in 2021 was buy cryptocurrency with U.S. dollars, you will not be on the hook for anything." It goes on to say: "Thomson Reuters tax consultant Shaun Hunley says that "you can check 'no' on that question," if all you did was buy and hold crypto."

JohnB5677
Expert Alumni

? is At any time during 2021, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?

The terms "Purchased or Bought" are purposely excluded from the question. 

 

If you purchased. or bought cryptocurrency it is not a taxable event, and if that was the only circumstance you would answer NO.

However, if you "receivesellexchange, or otherwise dispose of any financial interest in any virtual currency?" it is a taxable event and you will answer YES.

("Receive" can refer to shares gathered from an airdrop or staking)

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question