Cryptocurrency Q&A
Can I write off crypto losses?
Can I write off crypto losses?
Tommaso
Fri Mar 29 2024
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5 answers
997
I'm a bit confused about the tax treatment of cryptocurrency losses. As a crypto investor, can I write off these losses when it comes to calculating my taxable income? I've heard that some countries allow investors to deduct crypto losses from their taxable income, but I'm not sure if that applies to my situation. Could you please clarify this for me? I'd appreciate it if you could provide some specific examples or guidance on how to handle crypto losses for tax purposes. Thank you!
5 answers
CryptoNerd
Sun Mar 31 2024
It is important to note that taxpayers can still claim deductions for crypto losses even if they have no gains.
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Valentina
Sun Mar 31 2024
US taxpayers who engage in cryptocurrency trading can claim deductions on their tax returns for capital losses.
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Giuseppe
Sun Mar 31 2024
BTCC, a UK-based cryptocurrency exchange, offers services that facilitate trading and investing in cryptocurrencies.
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ShintoBlessing
Sun Mar 31 2024
If the total capital losses exceed the total capital gains, taxpayers can deduct the difference, with a maximum deduction of $3,000 per year.
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WhisperInfinity
Sun Mar 31 2024
If a taxpayer is married and files separately, the maximum deduction is limited to $1,500 per year.
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- Do I have to pay taxes if I lost money on crypto?｜. If your total capital losses exceed your total capital gains, US taxpayers can deduct the difference as a loss on your tax return, up to $3,000 per year ($1,500 if married filing separately).Yes, you can write off crypto losses on taxes even if you have no gains
