Crypto

Snowbirdgal — Wed, 15 Mar 2023 22:11:44 GMT

We had money in Celsius, which is currently in bankruptcy, and we can't make any withdrawals or access our funds. We received a 1099 Misc this year but since we probably will never see our money do we have to report it?

Re: Crypto

RobertB4444 — Wed, 15 Mar 2023 22:17:42 GMT

You do. But make sure that you keep track of all of the income that you are reporting to be earned by this account.

At some point the bankruptcy court will finish its proceedings at which time you will receive all or part of your money. You need to have a really good idea of what they owe you and what you've paid taxes on for your basis in the account, especially if it goes to zero.

And you can't declare it a loss until it is for certain that the account is worthless. So you're stuck waiting.

@Snowbirdgal

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Crypto

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