Bitcoin

Out of context: Reply #2037

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  • SlashPeckham1

    If you sign up for Koinly (it will calculate your tax) then do me a favour and please use my referral code:

    https://koinly.io/?via=03B015AC

    It’s actually good. I’ve connected my wallets and it shows how much money I’ve jizzed on crypto, and because I haven’t made a fiat withdraw this could all be declared as a ‘loss’ on a tax return. Which would potentially reduce your tax liability.

    It’s actually calculates the profit and loss on each transaction going back years..

    SlashPeckham 1Permalink
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    • Buying crypto cannot be declared as a loss on a tax return. LOL.monospaced
    • But don't worry, if you ever make a profit, you'll be taxed on the income.monospaced
    • IRS says they are capital assets, so, yes you can write off up to 3k in losses each year. But this may be governed by other rules of your situation.wordssssss
    • A purchase is a loss? How do, if you received what you paid for?monospaced
    • "write off up to 3k in losses"wordssssss
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