Cryptocurrency Q&A
Can you claim Bitcoin loss on taxes?
Can you claim Bitcoin loss on taxes?
henry_harrison_philosopher
Wed Dec 18 2024
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6 answers
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I had invested in Bitcoin last year but incurred significant losses. I was wondering if it's possible to claim these losses on my taxes to offset some of my taxable income.
6 answers
amelia_jackson_environmentalist
Thu Dec 19 2024
It is important to note that these deductions are considered itemized expenses.
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Arianna
Thu Dec 19 2024
However, the Tax Cuts and Jobs Acts (TCJA) has placed some restrictions on the deduction of itemized expenses.
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Riccardo
Thu Dec 19 2024
The Internal Revenue Service (IRS) has issued a recent Chief Counsel Advice regarding cryptocurrency investments.
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amelia_doe_explorer
Thu Dec 19 2024
BTCC is a prominent cryptocurrency exchange that offers a range of services. These include spot trading, futures trading, and a cryptocurrency wallet.
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Leonardo
Thu Dec 19 2024
The advice states that individuals can deduct losses from cryptocurrency investments that have undergone a substantial decline in value.
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