I have trading losses from FTX.US for 2022. I know the amount of the losses but cannot access my activity. How should I report the losses?

Since you lost cash, it would not be a capital loss.

This probably meets the definition of an investment Ponzi scheme loss as outlined in IRS Revenue Procedure 2009-20 because lead figure(s) of FTX were “charged by indictment or information (not withdrawn or dismissed) under state or federal law with the commission of fraud, embezzlement or a similar crime that, if proven, would meet the definition of theft ….”

You can use the safe harbor procedure outlined in Rev. Proc. 2009-20.

Here’s what to do in TurboTax:

1. Type casualty loss in Search (magnifying glass) in the upper right
2. Tap Jump to casualty loss
3. On “Casualties and Thefts” select YES
4. On “Casualty or Theft Event” enter a description and date. Under Property Type choose Income Producing Property (e.g. Business property, Investment property)
5. Complete all the screens.

Under the safe harbor rule, you can claim (a) 95 percent, for a qualified investor that does not pursue any potential third-party recovery; or (b) 75 percent, for a qualified investor that is pursuing or intends to pursue any potential third-party recovery.

I have trading losses that were incurred prior to FTX.US bankruptcy that I want to report as a capital loss. I do not have a 1099-B from FTX.US to show my transactions but I can calculate the total amount of trading losses by subtracting my account balance on the Debtors Schedule and Statements from the amount of deposits I made to my FTX.US account. Can I report a capital loss if I do not have any transaction details?

I am in the exact same situation. I do not have any official tax documents from FTX.US.

I know the USD amount I had invested into FTX.US wallet, and I know the quantity of coins I had in my wallet (from Debtors’ Schedules and Statements) at the time of bankruptcy.

How do I report this on TurboTax?

Thanks