For US crypto traders, some new guidance from the IRS. When asked on your tax return, “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”, you can answer “no” if you bought cryptocurrencies with only fiat currency.
If you had no other cryptocurrency transactions, like selling, trading crypto-to-crypto, etc., you’re still required to choose “yes”.
Other IRS guidance related to cryptocurrency