amerifag here. If I lost a bunch of money in crypto, can I get

>>2792978
Assuming you made money on something else, yes, you can write the losses off. Google "how to write off day trading losses", it works the same way.

>>2793000

Not correct. IRS treats crypto as property and you cannot write off trading losses.


>>2792978

Sorry budd-o. You're fucked.

>>2793134
Short term gains and losses from crypto are taxed like ordinary short term capital gains at your income bracket; only >1 year holding is treated like property and you still owe long-term capital gains exactly as you would gold or other commodities. Thanks for playing though!

>>2793159

Can you please expand? My understanding is that the IRS treats Crypto as property..

>Q-1: How is virtual currency treated for federal tax purposes?
>A-1: For federal tax purposes, virtual currency is treated as property. General tax
principles applicable to property transactions apply to transactions using virtual
currency.

You know.. I could be wrong, though?

https://www.irs.gov/pub/irs-drop/n-14-21.pdf

>>2793159

You can take a loss up to $3000 per year. You have to carryover the rest.