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posted Jan 25, 2025 8:48:02 AM

How do you write off a loss from a crypto company going bankrupt? Appreciate your help.

Voyager went bankrupt and we lost the majority of our money.

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1 Replies
Expert Alumni
Jan 25, 2025 9:28:19 AM

It depends when the company completed the bankruptcy.  If the bankruptcy was finalized in 2024, then you would use the amount you paid for the Voyager crypto as a capital loss.  Keep all records associated with the bankruptcy with your tax return, so that you are prepared should the IRS want the information.

 

This would be considered a capital loss an entered as investment property.  If you have no 1099-B, do not make that selection.