Cryptocurrency Q&A
Can you declare crypto losses?
Can you declare crypto losses?
SakuraDance
Thu Dec 05 2024
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5 answers
1188
I'm wondering if it's possible to declare losses from cryptocurrencies. I've heard mixed opinions on this and would like to know the official stance on declaring crypto losses.
5 answers
JejuJoyfulHeartSoulMate
Sat Dec 07 2024
When such losses occur, investors are permitted to deduct half of their capital losses.
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CrystalPulse
Sat Dec 07 2024
These deductible losses are referred to as allowable capital losses.
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CryptoMaven
Sat Dec 07 2024
Importantly, allowable capital losses can only be offset against taxable capital gains.
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mia_rose_lawyer
Sat Dec 07 2024
Crypto-asset investors may experience capital losses.
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EthereumEmpire
Sat Dec 07 2024
Investors cannot use their allowable capital losses to reduce income from other sources.
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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
