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Level 1
posted Sep 25, 2024 1:52:45 PM

Lost money in Blockfi bankruptcy

Lost about 17k in the Blockfi bankruptcy, which was finalized in 2023. How do I take this deduction or file this loss?

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1 Replies
Employee Tax Expert
Sep 25, 2024 1:59:38 PM

Hi, Jamero1045,

First, sorry for your loss!  TurboTax can help you process this and will ask you questions in the investment section of the interview.  It is important to know that the IRS does have some rules. For example, you cannot report the loss until the investment is completely worthless, which, in the case of a bankruptcy may require to you to wait until the year the bankruptcy is discharged.  This blog post will give you much more detail!

Please let us know if you have more questions after you read the rules. We are here for you!

Hope this helps.

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Regards,

Karen

TurboTax Expert