There are two questions we've seen over and over this tax season:
"Do I need to report losses on my tax return?"
"Can I claim my FTX losses on my taxes?"
Both are great questions. For starters, the IRS might not even know you have losses. Reporting them correctly will make sure you don't get slammed by Uncle Sam. Losses can also be used to offset capital gains. When the next bull run comes, you'll be glad you claimed losses now.
FTX, Celcius, Voyager, and BlockFi funds are a little tricky. Since there is no clear guidance about them right now, it might make sense to file an extension and wait for guidance
#crypto #ftx #irs
Gain even more crypto tax knowledge with our Crypto Tax Guide and NFT Tax Guide:
Crypto Tax Guide:
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NFT Tax Guide:
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00:00 Do I Need to Report Losses?
01:43 Can I Claim My FTX Losses?
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