2624950
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.

Answering "yes" on the 1040 cryptocurrency question when I didn't sell any crypto but got free crypto through promotions

I wanted to find out whether I needed to answer "yes" on the cryptocurrency question on my 1040.

 

I just started buying cryptocurrency in 2021. I didn't sell, exchange, or dispose of any of that crypto, and it looks like I just made income from bonuses/promotions, free crypto for participating in Coinbase Earn, and interest on some of my crypto through Gemini Earn.

 

From the income I mentioned from the promotions, should I answer "yes" on the cryptocurrency question on my 1040? Would the promotions and freebies be considered as receiving crypto or otherwise acquiring any financial interest in any virtual currency?

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
DavidD66
Expert Alumni

Answering "yes" on the 1040 cryptocurrency question when I didn't sell any crypto but got free crypto through promotions

You should answer Yes.  You bought and a financial interest in a virtual currency.

**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