topic Capital loss question - Crypto in Deductions & credits

Capital loss question - Crypto

YouGotSpecdOut — Mon, 23 Feb 2026 10:56:37 GMT

Hello, upon filing my taxes this year, before my capital gains and losses I owed 2k.

When I imported my 1099-B, my capital losses were $931, but my amount owed went from 2k to 1900.

I thought the entire amount could be deducted up to 3k?

Any help would be appreciated!

Re: Capital loss question - Crypto

MarilynG1 — Wed, 11 Jan 2023 18:39:40 GMT

Yes, you are correct that Capital Loss can be deducted up to 3K. If you had any Capital Gains, your loss is subtracted first from that amount. If you had only one 1099-B with a loss, the entire amount would be deducted from your other income in calculating your tax.

If this applies, it could be that your loss of $931 only reduced your total income enough to lower your tax from 2K to $1900.

In the side menu bar, click on TAX TOOLS > TOOLS and choose 'View Tax Summary' from the pop-up menu. Then, on the left-side menu, choose 'Preview my 1040'.

Click this link for more info on How Capital Gain/Loss is Calculated.

Re: Capital loss question - Crypto

Mike9241 — Wed, 11 Jan 2023 20:14:51 GMT

your 1099-B showed $931 in losses. That's all that can be deducted unless you have additional net capital losses. likely you're in a low tax bracket so the $900 loss would only save you about $90 or so.

Re: Capital loss question - Crypto

Critter-3 — Wed, 11 Jan 2023 21:05:44 GMT

Correct ... the loss can reduce your taxable income but it is NOT a $ for $ credit against your taxes owed.