Crypto, door dash, new home owner question

Forum|Forum|3 years ago
November 16, 2022
1 reply
19 views

Hello,

I have a few questions regarding some changes that happened this year.

1.) I lost money during the crypto crash this year. Can this loss benefit me on my taxes this year?

2.) I started doing door dash last week to get extra money. How do write offs work? What do I need to provide when doing my taxes?

3.) I plan on buying a home. As a new homeowner, are there any benefits/credits when doing my taxes?

Thank you for hosting this event.

-AA

Loretta P

Employee Tax Expert

1. If you sold the crypto currency for less than your original purchase, when you report the sale it would show the capital loss. If you did not sell your crypto currency but it lost value, there is nothing to include on the return. Gains and/or losses are reported at the time of sale.

2. This is a great link to help you gather your income and expenses for this type of work.

Filing Taxes for On-Demand Food Delivery Drivers

Example of some possible deductions (this is not an exhaustive list):

Mileage. Drivers can deduct their mileage by either claiming the federal reimbursement for mileage or by claiming actual expenses.
Tolls and Parking Fees.
Gear and Equipment.
Phone and Service.
Insurance.
Roadside Assistance.
Inspections.

3. Here are two links on buying your first home and tax deductions for home ownership:

Buying Your First Home

Home Ownership Tax Deductions

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