I received a check in 2023 as part of the Voyager Wind Down process due to their bankruptcy. I reported in 2023 with a loss of $151. Now I get another Voyager Wind Down check for $75. I can't pull any forms from the Coin ledger. So how do I report this on the 2024 tax form since I got the check in 2024? It's not income because I didn't sell anything in Voyager,but lost money when THEY filed for bankruptcy.
I believe you mean you received a check in 2023 as partial payment on a lost investment. Since you mention you reported a loss in that year, I assume you deducted your cost in the investment to generate the loss you reported on your tax return. If so, you already deducted the cost of your investment so the money you received in 2024 is taxable. There is nothing more you can deduct from the $75 since you already deducted your full cost in 2023.
I believe you mean you received a check in 2023 as partial payment on a lost investment. Since you mention you reported a loss in that year, I assume you deducted your cost in the investment to generate the loss you reported on your tax return. If so, you already deducted the cost of your investment so the money you received in 2024 is taxable. There is nothing more you can deduct from the $75 since you already deducted your full cost in 2023.
@ThomasM125 - I'm in this situation too. Would the money received in 2024 be taxable as miscellaneous income? Or, do you need to report it somehow as investment income? I would really like TurboTax's help with this. I did not get very far with a call to their support line.
Yes, you would report it as an investment sale. The proceeds is what you received and the cost basis would be $0.
You enter investment sales in the Wages and Income section of TurboTax, then Investment Income, then Stocks, cryptocurrency, Mutual Funds, Bonds, etc... Skip the section where it asks if you want to upload your tax documents. Choose Stock, Bonds, Mutual Funds as the type of investment you want to enter. You'll come to a screen where you can enter in your sales proceeds and cost basis.