Hi Everyone,
In regards to crypto currency for 2019, I purchased about $3,000 USD worth of crypto to hold on to for long term. It was my first time doing so. I did not do any trades or sales. At the end of the year, it lost value, so it isn't worth $3,000 USD anymore. I was wondering if I am supposed to report this on my IRS tax return? I see tax articles mentioning trades and sales, but not for those who just hold. And again, it did not go up in value. It went down. Do I need to report anything? If yes, which form?
Thank you
In regards to crypto currency for 2019, I purchased about $3,000 USD worth of crypto to hold on to for long term. It was my first time doing so. I did not do any trades or sales. At the end of the year, it lost value, so it isn't worth $3,000 USD anymore. I was wondering if I am supposed to report this on my IRS tax return? I see tax articles mentioning trades and sales, but not for those who just hold. And again, it did not go up in value. It went down. Do I need to report anything? If yes, which form?
Thank you
