Can i deduct my crypto loss from Jan 2018 with my crypto gain from December 2017?

[jake1718123]

Hello, so i made some gains with crypto in December 2017. I reinvested that money in December 2017 and sold it in Jan 2018 for a loss. Pretty much breaking even on my money. Would i be able to deduct that loss from my gain? I'm thinking not since it's not the same year, even though it's one month apart.

Does that mean i would have to end up just paying the taxes on those gains and have to wait until this years tax to deduct my loss? That would really be unfortunate


Thanks.

[JohnW15]

Unfortunately, you've got it right.  You'll need to report all of your gains, and claim any losses, from 2017 on your 2017 tax return.  You'll claim 2018 gains and losses on your 2018 return.