Goodman HovgaardDec 18, 2021 · 3 years ago6 answers What are the tax implications of writing off cryptocurrency losses on turbotax?
I'm using TurboTax to file my taxes this year, and I've incurred some losses from cryptocurrency investments. What are the tax implications of writing off these cryptocurrency losses on TurboTax? How does the IRS treat cryptocurrency losses and what documentation do I need to provide? Can I deduct these losses from my taxable income? I want to make sure I'm following the correct procedures and maximizing my tax benefits.