Cryptocurrency Q&A
How do I claim crypto as a loss?
How do I claim crypto as a loss?
Ilaria
Tue Dec 10 2024
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5 answers
1487
I invested in some cryptocurrencies last year, but unfortunately, their value has decreased significantly. I heard that I might be able to claim these losses on my taxes. How do I go about claiming crypto as a loss?
5 answers
Stefano
Thu Dec 12 2024
In the event of a loss arising from the abandonment of a cryptocurrency, it would fall under IRC Section 165(a).
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EmeraldPulse
Thu Dec 12 2024
Such a loss is categorized as a capital loss for tax purposes.
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RiderWhisper
Thu Dec 12 2024
Capital losses can only be utilized to counteract capital gains.
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ShintoBlessed
Thu Dec 12 2024
They cannot be applied to offset other forms of income.
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JejuSunshineSoulMateWarmth
Thu Dec 12 2024
Cryptocurrency is regarded as a capital asset by the IRS.
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