Crypto loss is not lowering taxable income

posted

Crypto gains and losses are capital gains and losses. If you have a net capital loss for the year, you can use up to $3,000 of that loss to offset other income. If you already had a net capital loss from other investments that was greater than $3,000 any additional loss from crypto sales would not change your taxable income. It would only increase the amount of your capital gains carry forward.

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