Cryptocurrency Q&A
Can you claim a loss on Bitcoin?
Can you claim a loss on Bitcoin?
Silvia
Sun Dec 01 2024
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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.
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CryptoLord
Tue Dec 03 2024
This advice provides clarity on the tax treatment of cryptocurrency investments.
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FireFlyer
Tue Dec 03 2024
According to the advice, individuals can deduct losses from cryptocurrency investments.
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Nicola
Tue Dec 03 2024
These losses must be from investments that have substantially declined in value.
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GeishaGrace
Mon Dec 02 2024
The deduction is allowed under IRC Section 161.
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