If I've only experienced losses in Crypto, can I write it as a loss on my taxes?
For instance, I have $8000 in Capital gains from index funds and $5000 or $10000 is losses from Crypto, can I eliminate part of (5000) or all of (8000) + 2000 for the year (you can claim loses up to 3K a year and roll them into future years).
I see a lot about gains, but not a lot about pure losses
Jesus man, have you been chasing shitcoin pump and dumps?
That's the only way to make consistent losses.
Angel Perez
Not the question I asked, but I get it, you're super secret tax evading secret agent man
I'm asking about claiming only pure loses on my taxes. In the US, you can claim against your capital gains (short and long) and then a further $3000 a year for investment losses.
I don't know if this applied, or if you can only claim the losses against property gains?
Benjamin Ortiz
Is this some IRS agent trying to spread FUD? Seen this in multiple threads so far. There is no taxable event when trading crypto for another.
Henry Scott
Actually there is in the US Other countries let you do "in" vs "out", but the US wants to know where it's gone to avoid laundering. Whenever you lose possession of or gain possession of a crypto, you need to know it's USD value at that time
Leo Jackson
My research is telling me it's okay to take a loss as long as it's not a wash sale (sell for a loss and buy back in within 30 days so you're still holding)
LTC
Adrian Thomas
Who is behind this ignorant meme?
Nicholas Powell
I got burned on LTC back in 2013 and never went back to.
Anyone who bought it over $40 and didn't sell is going to lose their shirts.
This is a coin that does absolutely fuck all, and has no reason to exist.
Nathaniel Sullivan
the IRS
Juan Gomez
Is this some retard agent trying to spread retardation? Enjoy your back taxes.
Sounds like the US government has no idea what they're getting themselves into. Hope they hire some more IRS agents, because they're going to need them to comb through months of trades from all of the shut-in NEETs trading shitcoins.
Nathaniel White
>you don't have to pay taxes XDDDDDD >"yes you do" >wow looks like gobment doesn't know wut to do lololol XDFDDDD
>Hope they hire some more IRS agents, because they're going to need them to comb through months of trades from all of the shut-in NEETs trading shitcoins. "Hey exchange X, give us all your records on US citizens" >runs data through simple analyzer "Oh look, we have everyone who hasn't done their taxes properly!"
Angel Powell
Not that the IRS has ever cared about efficiency, but it's not as daunting as you think. They tell an exchange "gimme ya spreadsheets," they sort by Gainz -> Descending and they start mass mailing people.
Angel Hernandez
>LOL YOU HAVE TO PAY TAXES >"IRS hasn’t addressed Section 1031 on cryptocurrencies"
Do people even read the shit they link half the time? Plus Forbes is a site anyone can write for. People saying you need to pay taxes when trading one crypto for another are talking out their ass. You no doubt have to pay taxes when you cash out, but for like-kind, it doesn't work like that. If it did, you would be hearing horror stories about people who cashed out and lost all their earnings.
Henry Baker
LTC is cuursed. I lose 2pct in value everytime I use it even in just 2 hours. it collapses so fast against btc only dgb drops faster. LTC lost 50 pct against btc this WEKK.
Evan Myers
Glad they got it all figured out. Less work for me.
Connor Allen
Why does your fat kike government tax crypto anyway?
Ryan Stewart
No one has used like kind and brought to court to make it official. ,And you still have to fill the like kind trade form,which is like an auto audit.
Kevin Davis
>Let me just take the IRS to court over crypto gains. >There go my crypto gains.
Jaxon Gutierrez
>If it did, you would be hearing horror stories about people who cashed out and lost all their earnings. Don't get how this is true. I trade stock and am very familiar with the schedule D tax form, "every trade is a taxable event" source. USDT complicates that. As far as I can tell the whole thing is open to interpretation. From the looks of the SEC's comments on ICOs, it would seem what they want to treat crypto like a stock.