Cryptocurrency Q&A
Do I need to report crypto if I don't sell?
Do I need to report crypto if I don't sell?
CryptoLegend
Thu Oct 24 2024
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6 answers
1790
I'm wondering if I have to declare or report my cryptocurrency holdings to any authority, especially if I haven't sold or traded them.
6 answers
HallyuHype
Sat Oct 26 2024
When acquiring cryptocurrency with the intention of holding onto it, the tax implications are relatively straightforward.
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Silvia
Sat Oct 26 2024
If you decide to HODL, which is a slang term for holding onto your cryptocurrency, the Internal Revenue Service (IRS) does not necessitate you to disclose your crypto purchases on your tax return.
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HanRiverVisionaryWaveWatcher
Sat Oct 26 2024
This applies specifically to situations where you have not sold or disposed of your cryptocurrency in any other manner.
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Giulia
Fri Oct 25 2024
By holding onto your crypto, you are essentially off the hook regarding tax reporting for those particular purchases.
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SapphireRider
Fri Oct 25 2024
The tax event only triggers when you decide to sell your cryptocurrency.
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