How can you claim crypto losses on your taxes?

1 answers

• May 09, 2022 · 3 years ago
  At BYDFi, we understand that claiming crypto losses on your taxes can be a complex process. The first step is to gather all your transaction records, including the purchase and sale prices of your cryptocurrencies. Calculate the difference between the two to determine your losses. You can then report these losses on Schedule D of your tax return. If you have any capital gains, you can offset your losses against them. If your losses exceed your gains, you can deduct up to $3,000 from your ordinary income. It's important to consult with a tax professional to ensure you accurately report your losses and take advantage of any available deductions. Remember, tax laws can vary, so it's always a good idea to seek professional advice.
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