topic BlockFi Bankruptcy in Get your taxes done using TurboTax

BlockFi Bankruptcy

Jobryan — Fri, 14 Feb 2025 19:16:32 GMT

BlockFi has completed its bankruptcy. How do I claim my losses for the assets they did not return to me.

Re: BlockFi Bankruptcy

MaryK4 — Tue, 18 Feb 2025 01:38:48 GMT

You will enter as an Investment sale. Your proceeds will be zero and your basis will be your investment amounts. Your allowable capital loss deduction is the lesser of $3,000 ($1,500 if you are married and file a separate return), or your total net loss. Any losses that are not used can be caried over and used in future tax years.

Re: BlockFi Bankruptcy

Gabriela2 — Tue, 25 Feb 2025 00:47:46 GMT

Is there a file we should create to upload, considering BliockFi is not providing any and i just rely on my own tracking? Also, if amount held was a total of several transactions, is ok to consolidate as one total and selecting various dates as date purchased?

thank you

Re: BlockFi Bankruptcy

ThomasM125 — Tue, 25 Feb 2025 00:54:15 GMT

I'm not sure what you are referring to with respect to a file upload. You can combine several transactions into one, but you may need to choose an acquisition date that will result in a holding period of more than one year to get the correct long-term capital gain treatment.