How to deduct cryptocurrency losses on your taxes?

1 answers

• MenigFlauramusMar 09, 2023 · 3 years ago
  At BYDFi, we understand the importance of properly deducting cryptocurrency losses on your taxes. When it comes to reporting your losses, it's crucial to keep accurate records of your transactions. Determine whether your losses are capital losses or ordinary losses, and report them accordingly on your tax return using Form 8949 and Schedule D. Be sure to include all necessary information, such as the date, amount, and cost basis of each transaction. If you're unsure about how to handle your cryptocurrency losses, it's always a good idea to consult with a tax professional who can provide guidance based on your specific situation.
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