- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I have invested in crypto currency specifically on “bitconnect” which turn out to be a scam, would I be able to claim it as loss on my taxes?
Topics:
1 Reply
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I have invested in crypto currency specifically on “bitconnect” which turn out to be a scam, would I be able to claim it as loss on my taxes?
Yes - You can claim the loss as a capital loss. You will only be able to take $3,000 of loss each year. The balance will be carried forward, to be taken on future returns.
- Click Federal > Wages & Income
- In the Investment Income section, click the Start/Update box next to Cryptocurrency.
- On the screen, Did you sell or trade cryptocurrency in 2018, click the blue Yes box at the bottom of the screen.
- On the next screen, Let's get your cryptocurrency info, click the I'll type it in myself box.
- Enter the information on the next screen. For the sales price, enter zero (0).
- Continue through the screens, entering the requested information.
Cryptocurrency is a complex subject and there has been a lot of discussion/debate surrounding it, expecially cryptocurrency theft. TurboTax MichaelDC provides an insight to cryptocurrency theft in his answer below:
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Still have questions?
Make a post
Or browse the Forums