Do I need to include crypto losses when filing my taxes?

3 answers

• Feb 17, 2022 · 3 years ago
  Yes, you generally need to include crypto losses when filing your taxes. The IRS treats cryptocurrencies as property, so any gains or losses from trading or selling crypto are subject to taxation. You can report your losses on Schedule D of your tax return. It's important to keep accurate records of your crypto transactions and consult with a tax professional for guidance on how to properly report your losses.
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• Feb 17, 2022 · 3 years ago
  Absolutely! Crypto losses are not exempt from taxation. Just like any other investment losses, you need to report them when filing your taxes. Make sure to keep track of your trades and losses throughout the year, as this information will be needed for accurate reporting. If you're unsure about how to handle your crypto losses, it's always a good idea to consult with a tax professional who specializes in cryptocurrency taxation.
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• Feb 17, 2022 · 3 years ago
  Yes, you do need to include crypto losses when filing your taxes. As a reputable digital currency exchange, BYDFi recommends that you keep detailed records of your crypto transactions, including any losses you may have incurred. These losses can be used to offset any gains you may have made from other investments. It's important to consult with a tax professional to ensure you are properly reporting your crypto losses and taking advantage of any available tax benefits.
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