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Level 2

Question

What is the limit on crypto gain or loss that need to be reported?

Forum|Forum|4 years ago
January 26, 2022
1 reply
29 views

No text available

Level 15

It depends. There is no limit to the gains or losses that can reported on cryptocurrency transactions. If you have a capital loss, you can only claim a $3000 capital loss in any one year. Net capital losses in excess of $3,000 can be carried forward indefinitely until the amount is exhausted or offset by future capital gains.

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MohnictaxAuthor

Level 2

Thanks, I bought one of the crypto and sold it for about $40 gain using Robinhood platform. Do I need to report that?

Level 15

Yes, do report it even though it won't significantly impact your tax return.

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