I'm sitting here in Australia with tears in my eyes from thanking so hard. this is Brilliant on so many levels. Thank you Adrian notch If you never caused a Scammer to have a heart attack or burst aneurism, this one hundred k recovery for sure came pretty Close. Keep it up, please….
What if you suffered the loss on an exchange like celsius or voyager? How can you show that loss when they’re now insolvent and not allowing any movement on the coins?
Right now, you technically still hold those assets, so it may not be possible to write them off yet. We wrote more about this in this article here: coinledger.io/blog/celsius-voyager-crypto-losses-tax-write-offs
can you give us an updated article / video about Voyager now? since it's all done. I need to know what I can do to recover my lost money. I had them just liquidate everything and cut me a check at a fraction.
Actually, in cryptos you can apply the washout tax rules. This means you can sell your crypto by 31 to claim the loss in the year you sold i,e, Bitcoin at lost, and buy it again in January. This is called washout tax. A rule that is not allowed in stock and security. That is then said, cryptos are not considered a security commodity, versus stocks and other assets that are considered funds security. Remember, the maximum regular income reduced will be 3,000 per tax year only. Any remaining loss will be carried out for the following years until exhausting the amount of losses!;
I bought wrapped Luna Classic on coinbase and Sent them through the Wormhole to Terra Station , I would like to harvest the losses From the luna Crash. SInce Wrapped Luna is different than LunC would this be considered a Swap and make me eligible for tax harvesting? I am unable to easily sell my LunC since its stuck in Terra station and I still am trying to figure out to send to kucoin so I can Sell. I hope this makes sense and can get an easy answer!!
I was trying to invest Cryptocurrency for the first time with some exchange platform but was victim of scam ,and didn’t gain anything . How can I report this ? I’m I liable to taxes ?
Thanks yes that's what I did. My accountant agreed. I think where it becomes tricky though is with NFTs. They are broadly considered "art" so just because it's no longer liquid doesn't necessarily imply you can write off. Some have suggested you have to send these to a burn wallet. I don't want to waste money doing that though!
You can get the deduction in the year that you sell the crypto at lost, and forward carry over the loss for the following years until exhaust the loss amount.
Washout taxes rules for crypto are allowed but not allowed for stock and security. This Meaning, you can sell crypto by December 31 at a loss, so you deduct your taxes and buy them, the next month, e.x. January and buy the crypto again. In crypto, the washout tax rule is allowed, according to the IRS. Because crypto are not security commodity, washout taxes are ok, versus in stock washout taxes are not accepted.
Upside, unlimited taxing, but if we take a loss, "sorry, only $3,000 per year". 🤬
They saying I owe but my losses are much bigger than my gain
It’s just only 3000 a year but my loss is $70k
Before December 31st?
I'm sitting here in Australia with tears in my eyes
from thanking so hard. this is Brilliant on so
many levels. Thank you Adrian notch
If you never caused a Scammer to have a heart
attack or burst aneurism, this one hundred k
recovery for sure came pretty Close. Keep it up,
please….
What if you suffered the loss on an exchange like celsius or voyager? How can you show that loss when they’re now insolvent and not allowing any movement on the coins?
Right now, you technically still hold those assets, so it may not be possible to write them off yet. We wrote more about this in this article here: coinledger.io/blog/celsius-voyager-crypto-losses-tax-write-offs
@@coinledger thats awesome. Thanks miles
Hoping I'll still get my assets back in Cesius. 👍
can you give us an updated article / video about Voyager now? since it's all done. I need to know what I can do to recover my lost money. I had them just liquidate everything and cut me a check at a fraction.
What if you have losses on bitcoin and you want to claim it as a credit on employment income if you have no capital gains for the year?
I have the same question
Actually, in cryptos you can apply the washout tax rules. This means you can sell your crypto by 31 to claim the loss in the year you sold i,e, Bitcoin at lost, and buy it again in January. This is called washout tax. A rule that is not allowed in stock and security. That is then said, cryptos are not considered a security commodity, versus stocks and other assets that are considered funds security. Remember, the maximum regular income reduced will be 3,000 per tax year only. Any remaining loss will be carried out for the following years until exhausting the amount of losses!;
Very good information. Thank you!
I bought wrapped Luna Classic on coinbase and Sent them through the Wormhole to Terra Station , I would like to harvest the losses From the luna Crash. SInce Wrapped Luna is different than LunC would this be considered a Swap and make me eligible for tax harvesting? I am unable to easily sell my LunC since its stuck in Terra station and I still am trying to figure out to send to kucoin so I can Sell. I hope this makes sense and can get an easy answer!!
#coinledger so who ever didnt sell their crypto or trade it before 31 of December, doesnt have a chance to claim their losses for 2022?
I was trying to invest Cryptocurrency for the first time with some exchange platform but was victim of scam ,and didn’t gain anything . How can I report this ? I’m I liable to taxes ?
Same here. Waiting.
How do I account for a crypto loss that is a rug and becomes illiquid so I can't technically sell it on the marketplace?
Did you ever get an answer to this?
I, personally, would still write it off as a loss. Just use the date it became illiquid as your sell date.
Thanks yes that's what I did. My accountant agreed. I think where it becomes tricky though is with NFTs. They are broadly considered "art" so just because it's no longer liquid doesn't necessarily imply you can write off. Some have suggested you have to send these to a burn wallet. I don't want to waste money doing that though!
If you're a wage slave this doesn't apply to you. This write offs are for businesses
That was bad example, what if u lost 13,000 and gained 10,000, does the government give u 3000?
Capital loss is 3,000. Yes you still get the 3,000
What if I bought in 2021 and sold at a loss in 2023 can i still claim that in my taxes as a loss?
Yup!
You can get the deduction in the year that you sell the crypto at lost, and forward carry over the loss for the following years until exhaust the loss amount.
Washout taxes rules for crypto are allowed but not allowed for stock and security. This Meaning, you can sell crypto by December 31 at a loss, so you deduct your taxes and buy them, the next month, e.x. January and buy the crypto again. In crypto, the washout tax rule is allowed, according to the IRS. Because crypto are not security commodity, washout taxes are ok, versus in stock washout taxes are not accepted.
What's the lowest losses someone can claim ?
you mean the most lost? I believe around $3000 is the most loss you can claim.
SAM?!?!?!