Hi I had crypto with Celcius Network when they went Bankrupt, they came out of bankruptcy, and I have had a partial return of crypto, but my capital losses amount to about 80% of what I had with them ... a $98,000 loss ...
1. How do I report the capital loss?
2. how do I report the return of Crypto
3. Is the returned crypto considered long-term for capital gains?
Thanks
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If you have sold your crypto investment or you are certain some portion of the investment is worthless, you may report a capital loss for the portion you did not recover. And if you held the investment for more than one year, the loss would be long-term.
In TurboTax, report this activity under Wages & Income >> Investment Income >> Stocks, Cryptocurrency, etc. The loss will be reported on Schedule D, but capital losses are limited to $3,000 per year unless you have capital gains to match against your losses. Any unused losses are carried over to future tax years.
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