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Get your taxes done using TurboTax
Yes, based on the current posting practice they would be listed as losses, but you really didn't lose any money.
I understand your point, but this is a reportable transaction, and it is recorded as Capital gain/loss.
- In the US we don't deal in cryptocurrency (yet). We deal in dollars.
- When you spent your Coins, you utilized a dollar value to make the purchase.
- The dollar value that was spent has to be compared to the value when you "got" the coin.
- In your example above the change was zero (0).
- However, the transaction still has to be reported.
- A zero value is posted as a capital loss. This is only an accepted practice.
- There is no change in tax if you called it a capital gain, but that is the format that is used for a zero gain.
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March 14, 2023
5:22 AM
1,131 Views