Are crypto losses taxable?

Crypto losses can offset taxes on capital gains from various assets, including stocks, real estate, and profitable crypto trades. Reporting crypto losses on your tax return is essential. This can decrease your taxable income, resulting in significant savings on your tax bill.

Can crypto losses be carried forward to future tax years?

If you have overall losses, you can carry forward losses to future tax years. It is the responsibility of the individual taxpayer to comply with tax regulations. US taxpayers must report their crypto activity to the IRS on their taxes whether or not they’ve received corresponding forms from exchanges.

Can I write off crypto losses on my tax return?

If you've read the above and you're still not sure whether you can write off crypto losses on your tax return, it's probably best to get professional help. The same is true if you have crypto that is currently "frozen" due to a crypto exchange being in the midst of bankruptcy proceedings.