BlockFi Bankruptcy

Forum|Forum|1 year ago
February 14, 2025
1 reply
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BlockFi has completed its bankruptcy. How do I claim my losses for the assets they did not return to me.

MaryK4

Level 15

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.

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Gabriela2

Level 2

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

ThomasM125

Level 15

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.

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