topic Re: Lost tokens in Get your taxes done using TurboTax

Lost tokens

PG80 — Tue, 24 Feb 2026 08:04:33 GMT

Hi,

I lost crypto tokens in binance. How do I claim lost money on tax return?

Re: Lost tokens

evelynm — Wed, 15 Nov 2023 17:48:19 GMT

Hello: Typically, you can't deduct losses for lost or stolen crypto on your return. Losses in the crypto world would mean having damage, destruction, or loss of your crypto from an identifiable event that is sudden, unexpected or unusual. You most likely did not have income reported on this previously to take the loss.

Here is a link for further details: https://ttlc.intuit.com/community/articles/community-news-announcements/crypto-investors-your-lives-just-changed/05/3109291

Re: Lost tokens

PG80 — Wed, 15 Nov 2023 17:51:20 GMT

Thanks for your reply. So, does it mean I don't need to show any losses on Tax return? I don't need to do anything on tax return ?

Re: Lost tokens

evelynm — Wed, 15 Nov 2023 17:59:24 GMT

Correct. You do not need to report it. An ordinary loss from a worthless or abandoned investment is a miscellaneous itemized deduction in the year of worthlessness/abandonment but is not deductible on your tax return because the Tax Cuts and Jobs Act of 2017 disallows miscellaneous itemized deductions for tax years 2018-2025.