Cryptocurrency Q&A
Can you claim a loss on Bitcoin?
Can you claim a loss on Bitcoin?
Silvia
Sun Dec 01 2024
|
7
answers
1898
I've invested in Bitcoin and recently experienced a significant drop in its value. I'm wondering if there's a way to claim a loss on my Bitcoin investment, possibly for tax purposes or to offset other gains. Is this possible?
7 answers
JamesBrown
Tue Dec 03 2024
The Internal Revenue Service (IRS) has issued a recent Chief Counsel Advice.
Was this helpful?
329
89
CryptoLord
Tue Dec 03 2024
This advice provides clarity on the tax treatment of cryptocurrency investments.
Was this helpful?
290
59
FireFlyer
Tue Dec 03 2024
According to the advice, individuals can deduct losses from cryptocurrency investments.
Was this helpful?
216
33
Nicola
Tue Dec 03 2024
These losses must be from investments that have substantially declined in value.
Was this helpful?
276
32
GeishaGrace
Mon Dec 02 2024
The deduction is allowed under IRC Section 161.
Was this helpful?
190
46
Load 5 more related questions
